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League of Women Voters of California Education Fund
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Proposition K Business Tax City of San Francisco Simple Majority 135,068 / 45.33% Yes votes ...... 162,910 / 54.67% No votes
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Index of all Measures |
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Information shown below: Summary | Yes/No Meaning | Official Information | | ||||||
Shall the City create a temporary 0.1% (one-tenth-of-one-percent) gross receipts tax, and clarify how the City's existing payroll expense tax applies to certain business entities?
THE PROPOSAL: Proposition K is an ordinance that would create a temporary four-year "gross receipts" tax on certain companies and individuals doing business in the City. "Gross receipts" means the total amount of money a business takes in for certain goods and services. The gross receipts tax would only apply to money received for goods and services sold in the City. Certain small businesses would be exempt from this tax. o In 2005, the City would collect 0.1% (one-tenth-of-one percent) of gross receipts from companies and individuals doing business in the City. o The City would reduce this rate for 2006, 2007 and 2008 if gross receipts tax funds collected in 2005 exceed $30 million. o The gross receipts tax will expire on December 31, 2008. The gross receipts tax funds could be used by the City for any public purpose. The gross receipts tax would apply in addition to the payroll expense tax. Proposition K would also clarify how the payroll expense tax applies to certain businesses, including partnerships, limited liability partnerships, and limited liability companies.
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Nonpartisan Information League of Women Voters
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