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Supervisors advance payroll and property transfer tax proposals, set amendments for ballot discussion
Summary
The committee created two versions of a payroll-tax initiative, advanced a property transfer-tax proposal with a higher threshold and solar/seismic credits, and moved the telephone-user tax modernization and related items toward the November ballot with continuances and technical amendments.
The Government Audit and Oversight Committee on July 14 advanced several potential November ballot measures designed to raise local revenue and modernize existing taxes.
Supervisor Aaron Peskin presented an initiative to close a payroll partnership loophole that the Controller's Office estimates could raise roughly $19 million annually before exemptions. Peskin said he would incorporate a mayoral request to raise the small-business exemption from $167,000 to $250,000 (with CPI adjustments) and proposed splitting the proposal into two initiative files: one using an 80% safe-harbor for partnership draws and a second using a 200% of the top-quartile compensation calculation. The committee created those two files and continued the matters for further public…
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