Board committee advances and amends package of proposed November revenue measures after hours of presentations and public comment

The Budget & Finance Committee devoted most of its July 1 meeting to a set of proposed revenue measures being considered for the November ballot, including Supervisor Chu’s business‑tax reform, a hotel‑tax initiative from the mayor, a revised real property transfer tax, and a parking‑tax increase.

Supervisor Chu presented a business‑tax reform package that (as introduced) would cut payroll-tax burdens for many businesses by creating a progressive payroll‑tax structure (with a lower rate for wages under $85,000), provide a $1,500 standard credit for payroll taxpayers, and impose a phased commercial rent tax to broaden the taxpayer base. Ted Egan of the Controller’s Office presented an economic analysis: in the original proposal, revenue and job effects varied by year and sector, with initial revenue estimates discussed in the hearing in the range of $34 million (original estimates) and projected amended estimates of about $28 million depending on exclusions and thresholds. The Controller showed that, under the amended package Supervisor Chu proposed at the…