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Supervisors advance four-year payroll-tax exclusion aimed at small businesses
Summary
The Board’s audit and oversight committee forwarded an ordinance to exempt net new payroll for small businesses (payroll under $500,000) from San Francisco’s payroll expense tax for calendar years 2012–2015, estimated to reduce city payroll tax revenues by about $2 million a year and to create roughly 150–250 jobs annually, according to city analysts.
Supervisor Farrell introduced an ordinance to amend the Business and Tax Regulations Code to permit a four‑year payroll expense tax exclusion for net new payroll at qualifying small businesses, and the Government Audit and Oversight Committee voted to send the measure on to the full Board with a committee recommendation.
The proposal would exclude net new payroll for businesses whose base‑year payroll is less than $500,000 and would cap the excluded new payroll at $250,000 per business per year for calendar years 2012 through 2015. In opening remarks the sponsor said the measure is intended to create jobs and support…
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