San Francisco Measure That Would Tax Businesses to Fund Services for Homeless Leads in Early Results
San Francisco voters were leaning toward approving a ballot measure that would tax corporate businesses to fund services for the homeless, according to early results Tuesday night.
Proposition C, a tax on gross annual receipts of the city’s largest companies, was leading handily in preliminary returns. If it passes, it will nearly double San Francisco’s budget dedicated to the curbing homelessness by adding $300 million a year to fund housing, shelters, mental health services and preventive measures.
About 400 businesses, which make up the top 20% of the city’s job base, would be subject to the tax, according to an analysis by City Controller Ben Rosenfield.
The city already taxes businesses on the total amount they receive each year. Proposition C would impose an additional tax, of varying amounts but about 0.5%, on businesses with receipts of $50 million or more. Businesses with more than $1 billion in receipts and 1,000 employees nationwide would pay 1.5% of payroll expenses.
Read the full story on LATimes.com.