Posted by Staff Writer on 11/7/2018 to Federal and State Taxes
IncSmart California (Small Business and Startups) - California Passes Homeless Tax. Approved ballot that would tax corporate business to fund services for the homeless. This tax would double the funds that San Francisco currently has to battle the homeless problem in the city. It will add 300 million dollars a year to fund housing and mental services. This will be the largest tax in the cities history. The tax rates are .175% to .69% on gross receipts. Business with more than 1 billion in gross tax receipts will pay an additional 1.4% in payroll taxes.
Proposition C is a tax on gross annual receipts from the cities largest companies. 400 businesses make the top 20% of San Francisco's job base, would be subject to the taxes. Seattle city leaders pulled back on the project as Starbucks and Amazon complained. Homelessness is blamed on the cities sky rocketing rental rates. The homeless population is around 8000 people.
Written by IncSmart Staff
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