san francisco proposition l 2020

(a) An organization that is exempt from income taxation by Chapter 4 (commencing with Section 23701) of Part 11 of Division 2 of the California Revenue and Taxation Code or Subchapter F (commencing with Section 501) of Chapter 1 of Subtitle A of the Internal Revenue Code of 1986, as amended, as qualified by Sections 502, 503, 504, and 508 of the Internal Revenue Code of 1986, as amended, shall be exempt from taxation under this Article 33, only so long as those exemptions continue to exist under state or federal law. San Francisco voters on November 3, 2020, approved three ballot measures that may affect business taxpayers. Lay off all the housekeepers and maintenance engineers and outsource them from a building contractor, then they can move the clerical division to Oakland or have the workers telecommute from outside the city three out of five days per week. Oct. 3, 2020 | Updated: Oct. 6, 2020 8:40 a.m. ... A measure that would authorize San Francisco to build or rehabilitate up to 10,000 units of affordable housing. As an open forum, weekend bloggers post independently without pre-approval or review. San Francisco will tax businesses slightly more if a chief executive earns orders of magnitude more than their rank-and-file employees after residents voted in favor of the rule. Be it ordained by the People of the City and County of San Francisco. 3308. If their conviction against “excessive” CEO compensation is to be genuine then how is it not unsavory that mega-churches, hospitals, and big charities can pay their executives however richly their boards of directors choose? Assessor Chu Explains Prop 19(2020) Proposed Changes. English 中文 Español Filipino For information about state ballot measures, visit the website of the California Secretary of State. Introduced by Matt Haney, a member of the US city's Board of … Proposition E. Police staffing. Given California’s proclivity to enact law in the hope of the political message spreading to other states, eg. The ballot measures included are those in the City and County of San Francisco. If the CEO earns 200 times the median amount, the tax goes up to 0.2 per cent, if it’s 300 times more then it goes up again to 0.3 per cent, and so and so forth, all the way up to 0.6 per cent if the ratio is 600:1 or greater. No section, clause, part, or provision of this Article 33 shall be construed as requiring the payment of any tax that would be in violation of the Constitution or laws of the United States or of the Constitution or laws of the State of California. The Tax Collector is authorized to determine what constitutes a separate building and the number of units in a building. Plus, why pay one person a million dollar salary when I can get six well qualified individuals for the same price? We believe that big corporations that can afford to pay their executives million-dollar salaries every year can afford to pay their fair share in taxes to help us recover. But this will be obviously for the courts to decide. Prop L incentivizes companies to invest in their workers, not just their executives ~+~. Perhaps it is explained in the paragraph below. In the November 2016 election, San Francisco voters passed Proposition N, Non-Citizen Voting in School Board Elections, by a vote of 54% to 46%. (b) Compensation paid to a part-time employee for the tax year shall be converted to a “full-time equivalency” by multiplying the part-time employee’s Compensation for the tax year by 40, and dividing the result by the average number of hours the part-time employee worked per week during the tax year for the person or combined group. This subsection (c) applies only to leasing residential real estate units within a building, and not to any business activity related to other space, either within the same building or other buildings, which is not residential real estate. It was approved . San Francisco Man Who Refused to Wear Mask on Muni Seen Among Rioters at U.S. Capitol Update: COVID-19 Variant Discovered In Santa Clara County; Linked To Deadly Kaiser Outbreak Bill Whalen is the Virginia Hobbs Carpenter Fellow at the Hoover Institution. That contributes to rising inequality, the institute finds. NOTE: Unchanged Code text and uncodified text are in plain font. CONSTRUCTION AND SCOPE OF THE OVERPAID EXECUTIVE GROSS RECEIPTS TAX ORDINANCE. Here follows the Proposition’s text (which is italicized). 3306. ADMINISTRATION OF THE OVERPAID EXECUTIVE GROSS RECEIPTS TAX ORDINANCE. Science Climate Health Wildfires Astronomy Deep Look more. March 3, 2020, Consolidated Presidential Primary Election Proposition E . Jan 16, 2021, 07:30am EST ... San Francisco’s Proposition D, Which Could Have Massive Implications For Retail. How far will the reach of the city’s CEO tax will stretch, either under the present or future tax law, it could usher in a more convoluted approach toward accounting and business practice. “Compensation” means wages, salaries, commissions, bonuses, property issued or transferred in exchange for the performance of services (including but not limited to stock options), compensation for services to owners of pass-through entities, and any other form of remuneration paid to employees for services. Content and any displays or art are solely their decision and responsibility. San Francisco needs to be ready. Retail Was Remarkably Resilient In 2020, But Has Been Changed Forever. Voters within the City of San Francisco passed Proposition L, a measure designed to tax corporations having CEO compensation in excess of 100 times the median compensation of line employees. (a) This Article 33 is intended to authorize application of the Overpaid Executive Gross Receipts Tax in the broadest manner consistent with its provisions and with the California Constitution, the United States Constitution, and any other applicable provision of federal or state law. ... San Francisco Proposition L (Overpaid Executives Gross Receipts Tax) Introduced by Matt Haney, a member of the US city's Board of Supervisors, it increase taxes for businesses if the so-called executive pay ratio exceeds 100:1. Proposition I - Real Estate Transfer Tax: YES. Yes, I would agree: Laying off workers is the incentive that might actually come to mind at some companies. Although the CEO tax may encourage a narrowing of the wealth gap in one of the most expensive cities in America, some fear it could drive businesses away or prevent startups from forming. Taxes collected are to be deposited in the General Fund. For example, let us assume an arbitrary company that has 1,100 employees of which 100 are based in San Francisco. SEC. The person or combined group’s gross receipts that are attributable to the City shall be determined in the same manner as in Article 12-A-1, as amended from time to time. “San Francisco is a modern day version of a A Tale of Two Cities everywhere you look, we can’t have a nation that turns into that.” • This article was amended on 23 November 2020. Comey Calls For the Republican Party To Be "Burned Down", FBI: Woman Who Stole Pelosi's Laptop May Have Tried To Sell It To The Russians, "Everybody's Mistakes Except My Own": Trump's Final Pardon List Offers A Telling Reflection On His Legacy, The No-Show Option: Trump Could Sit Out The Senate Trial And Still Prevail, Yes, Biden is President . Sorry, your blog cannot share posts by email. A “ yes ” vote supported authorizing the city to develop or acquire up to 10,000 units of low-income rental housing. Proposition L. Passes with a majority vote. If the Department of Elections receives more than Proposition L. Business tax. (b) The Overpaid Executive Gross Receipts Tax shall be calculated as follows: (1) 0.1% of the person or combined group’s taxable gross receipts for a tax year if the person or combined group has an Executive Pay Ratio for that tax year of greater than 100:1, but less than or equal to 200:1; (2) 0.2% of the person or combined group’s taxable gross receipts for a tax year if the person or combined group has an Executive Pay Ratio for that tax year of greater than 200:1, but less than or equal to 300:1; (3) 0.3% of the person or combined group’s taxable gross receipts for a tax year if the person or combined group has an Executive Pay Ratio for that tax year of greater than 300:1, but less than or equal to 400:1; (4) 0.4% of the person or combined group’s taxable gross receipts for a tax year if the person or combined group has an Executive Pay Ratio for that tax year of greater than 400:1, but less than or equal to 500:1; (5) 0.5% of the person or combined group’s taxable gross receipts for a tax year if the person or combined group has an Executive Pay Ratio for that tax year of greater than 500:1, but less than or equal to 600:1; or. 3307. That means it’s likely to impact the tech industry, where leaders can make the most money from their stock, and the finance industry, where big bonuses are commonplace. November 9, 2020. ~+~ END ~+~. San Francisco will tax businesses slightly more if a chief executive earns orders of magnitude more than their rank-and-file employees after residents voted in favor of the rule. Not that it is any of my business what one of my employees does with his or her wages, but in having to project and anticipate costs if you pay them too much the greedier they sometimes become. Simply put, if the big cheese of any private or public company pockets take-home pay that's 100 times the median salary of their company, it’ll have to pay 0.1 per cent on their gross receipts attributable to San Francisco in extra tax. And what is to become of other forms of compensation that the city officials might have overlooked? Documents. The “Overpaid Executive Tax,” formally known as Proposition L, will charge any company that does business in San Francisco and has a top executive … I have no qualms about paying people a decent wage but there are limits. — San Francisco Chronicle (@sfchronicle) September 10, 2020 Proposition F, Business and Tax Regulations Code Charter Amendment Here’s the first of your big tax fights. But that is a decision for the board and the stock holders, not politicians on some city council. Proposition L would apply a permanent tax to businesses where the highest paid employee earns more than 100 times the median income of their employees who work in The City. By Darren Smith, Weekend Contributor Voters within the City of San Francisco passed Proposition L, a measure designed to tax corporations having CEO compensation in excess of 100 times the median compensation of line employees. (d) Notwithstanding any other subsection of this Section 3303, every person engaging in business within the City as an administrative office, as defined in Section 953.8 of Article 12-A-1, shall pay an annual overpaid executive administrative office tax if the Executive Pay Ratio for the tax year of that person or the combined group of which it is a part exceeds 100:1. City officials seem to believe it will be the bottom workers who will benefit, but given the mathematics that the tax calculation relies on Median instead of Average, there is a strong disincentive to hire more employees on the entry-level side of the line. Proposition J would sunset the annual parcel tax on real property in San Francisco approved by the voters in June 2018 (Measure G), that as of July 1, 2021 would be $320 per parcel, and replaces it with a parcel tax of $288. Though probably not actionable, it does seem almost attainder-like in that single individuals are targeted and not the entirety of the employee base. (The opposite example being with minimum wage laws that bind entire groups of employees to a minimum compensation else the company faces a sanction). City budget for fiscal years 2020 - 2021 and 2021 - 2022. San Francisco Proposition L, a business tax measure, was on the ballot as a referral in San Francisco on November 3, 2020. Katyanna Quach Fri 6 Nov 2020 // 02:12 UTC San Francisco will tax businesses slightly more if a chief executive earns orders of magnitude more than their rank-and-file employees after residents voted in favor of the rule. The extra money will go toward healthcare. There exist certainly countless different strategies as to what constitutes an effective tax rate to fund government spending and more so on which form of change politicians want to foster in the economy through tax regulation. I have to wonder what the goal was of the city for the non-profit type organization above. This proposition, that responds to a lawsuit filed over the similar Prop G parcel tax assessment for the San Francisco Unified School District, required a … Department Budget Meetings January 15, 2021 Departments solicit public feedback on budget priorities and proposed budgets. Proposition L — November 2020 From the San Francisco November 2020 Nonpartisan Voter Guide. Yet if companies choose to remain doing business in the city and are subject to the CEO tax you will see changes made to personnel and I suspect the lower wage earning employees will see the brunt of it. Science Climate Health Wildfires Astronomy Deep Look more. SEC. TAX COLLECTOR AUTHORIZED TO DETERMINE GROSS RECEIPTS. Proposition L - Business Tax Based on Comparison of Top Executive's Pay to Employees’ Pay: YES. I would generate an additional $14.4 million in tax revenues during the second half of fiscal 2020 … The Pandemic isn’t over. What the Measure Would Do Proposition J would repeal a $320 annual parcel tax approved by the voters in 2018 and replace it with an annual parcel tax of $288 beginning July 1, 2021, and continuing for 17 years. Now that the company has slashed its San Francisco employee base, that is, only its lowest and medium compensated members, the median employee rate just went into the highly paid professional level and brought the CEO an even greater level of compensation potential before the CEO tax kicked in. San Francisco Proposition K, an affordable housing authorization measure, was on the ballot as a referral in San Francisco on November 3, 2020. Pursuant to California Constitution Article XIII B and applicable laws, for four years from November 3, 2020, the appropriations limit for the City shall be increased by the aggregate sum collected by the levy of the tax imposed under this ordinance. According to the San Francisco Voter Information Pamphlet: • For a business that pays the Gross Receipts Tax, if its Top Executive Pay is more than 100 times Employee Pay, the business would pay an additional tax from 0.1% to 0.6% of its San Francisco gross receipts. (6) 2.4% of the person or combined group’s total payroll expense attributable to the City for a tax year if the person or combined group has an Executive Pay Ratio for that tax year of greater than 600:1. Proposition L Proposal If passed, Proposition L would place an additional tax on some businesses in San Francisco when their highest-paid managerial employee (Top Executive Pay) earns more than 100 times the median compensation paid to their employees in San Francisco (Employee Pay). Results are preliminary and may be partial. San Francisco will tax businesses slightly more if a chief executive earns orders of magnitude more than their rank-and-file employees after residents voted in favor of the rule. Proposition L [ PDF ], dubbed “the CEO tax,” passed with 65.2 per cent approval this week. The latter to me seems clearly the goal of this Proposition. Fiscal years run from July 1 to June 30. Share ... About Us. Should San Francisco create two new agencies to review Sheriff’s Department policies and investigate deputies’ conduct? (b) The Overpaid Executive Gross Receipts Tax imposed by this Article 33 is in addition to all other City taxes, including the gross receipts tax imposed by Article 12-A-1, as amended from time to time. San Francisco, de forma oficial Ciudad y Condado de San Francisco (en inglés: City and County of San Francisco), es una ciudad que ocupa la cuarta posición de ciudad más poblada del estado de California y la 13.ª de Estados Unidos, con una población de aproximadamente 884 382 habitantes en 2013. (a) Except as otherwise provided in this Article 33, commencing with tax years beginning on or after January 1, 2022, for the privilege of engaging in business in the City, the City imposes an annual Overpaid Executive Gross Receipts Tax on each person engaging in business within the City where the Executive Pay Ratio for the tax year of that person or the combined group of which it is a part exceeds 100:1. Either way, it is not coming out of the pockets of the corporate decision makers themselves. It is folly to believe that forcing a form of altruism on companies scales to the needs of a large corporation where it might for a small business. For purposes of this Article, the following definitions apply. Before the latest numbers came out, the San Francisco controller’s office estimated that Prop. As to the human side of this, outside just the numbers of tax liability, it is highly doubtful the CEOs are going to relinquish their “excessive pay” regardless if the company has to ante up the tax. Passes with a majority vote. • San Francisco, California, Proposition G, Local Election Voting Age Charter Amendment (November 2020): ✖ A “ yes ” vote supported amending the city charter to lower the voting age to 16 for local candidates and ballot measures. It was approved. Maybe it is just easier to pack up and leave. Enter your email address to subscribe to this blog and receive notifications of new posts by email. Get results for San Francisco Bay Area, California and national 2020 elections here. If boards of directors want the talent to grow the company, they have to accept the greed and lofty expectations of those who might provide such expertise. The bottom line for the most part will be whether in the end it is simply cheaper to pay this tax and go on with the status quo for the time being or to make changes to reduce or eliminate the tax liability of eligible companies. Proposition L [PDF], dubbed “the CEO tax,” passed with 65.2 per cent approval this week. The overpaid executive administrative office tax shall be calculated as follows: (1) 0.4% of the person or combined group’s total payroll expense attributable to the City for a tax year if the person or combined group has an Executive Pay Ratio for that tax year of greater than 100:1, but less than or equal to 200:1; (2) 0.8% of the person or combined group’s total payroll expense attributable to the City for a tax year if the person or combined group has an Executive Pay Ratio for that tax year of greater than 200:1, but less than or equal to 300:1; (3) 1.2% of the person or combined group’s total payroll expense attributable to the City for a tax year if the person or combined group has an Executive Pay Ratio for that tax year of greater than 300:1, but less than or equal to 400:1; (4) 1.6% of the person or combined group’s total payroll expense attributable to the City for a tax year if the person or combined group has an Executive Pay Ratio for that tax year of greater than 400:1, but less than or equal to 500:1; (5) 2% of the person or combined group’s total payroll expense attributable to the City for a tax year if the person or combined group has an Executive Pay Ratio for that tax year of greater than 500:1, but less than or equal to 600:1; or. Deletions from Codes are in strikethrough italics. On October 15, 2020 Assessor Carmen Chu presented on potential changes brought by Proposition 19 to local media. 3309. The Tax Collector may, in the Tax Collector’s reasonable discretion, independently establish a person or combined group’s gross receipts within the City and establish or reallocate gross receipts among related entities so as to fairly reflect the gross receipts within the City of all persons and combined groups. View our Voter Resources page for additional San Francisco County and statewide election information and resources. Corporations can avoid the tax by simply paying their executives less or by raising their employees’ wages. San Francisco Measure L is more popularly known as the “overpaid executive tax.” Here’s how it would work: Starting in 2022, if a San Francisco-based company’s highest-paid employee makes between 100 to 200 times the median salary of the company's local workforce, then the city would levy a point one percent fee of the company’s total revenues. Some have wide consensus such as encouraging the endowment of charities with cash in exchange for tax credits and deductions, while others seem more of punishment to be used to enforce an idealized social value, which I have stated for years is not a proper role of politicians or government. The government wrote: The more inequity between the top executive and their workers, the higher the surcharge. In that case, the additional tax rate would range between 0.1 percent and 0.6 percent of its gross receipts or 0.4 percent to 2.4 percent of its payroll expense. SEC. . Proceeds from the tax shall be deposited in the City’s general fund and may be expended for any City purposes. Accordingly, by way of example and not limitation, persons subject to both the Overpaid Executive Gross Receipts Tax and the gross receipts tax shall pay both taxes. environmental policy, this might be one goal of the politicians there. For purposes of this definition: (a) An employee is “based in the City for [a] tax year” if the employee’s total working hours in the City for the person or combined group during the tax year exceeds the employee’s total working hours in any other local jurisdiction for the person or combined group during the tax year. I anticipate for at least the next few months there will be inevitably a legal challenge from affected businesses in an effort to avoid this tax entirely. SEC. (a) Except as provided in subsection (b), if any section, subsection, sentence, clause, phrase, or word of this Article 33, or any application thereof to any person or circumstance, is held to be invalid or unconstitutional by a decision of a court of competent jurisdiction, such decision shall not affect the validity of the remaining portions or applications of this Article. Additions to Codes are in . But when government is involved you are mandated into compliance. Uber and Lyft, both headquartered in San Francisco, have said they may leave the state if the measure fails. Arts & Culture Critics’ Picks Affordability Cultural Commentary Food & Drink Arts Video more. I have maintained for years that if you wish to attract a certain ability of a person, you must also be willing to accept whatever nuance or spill-over cost that type of individual carries with them. 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Such person or combined group shall pay only the overpaid executive administrative office tax, and not the tax imposed under other subsections of this Section 3303, but a person or combined group may be liable for the administrative office tax imposed by Section 953.8 of Article 12-A-1 and the homelessness administrative office tax imposed by Section 2804(d) of Article 28 in addition to the overpaid executive administrative office tax imposed by this subsection (d). This tax measure would repeal a 2018 parcel tax to fund schools and replace it with a lower tax, and add exemptions, which proponents hope will result in voters approving it by a higher margin. (b) If a person is subject to the Overpaid Executive Gross Receipts Tax, but is not required to file a gross receipts tax return under Article 12-A-1, such person or combined group’s Overpaid Executive Gross Receipts Tax return shall be filed at the same time and in the same manner as if such person or combined group were required to file a gross receipts tax return under Article 12-A-1. City analysts estimate the measure would raise between sixty and one hundred million dollars per year confiscated from large for-profit … That’s quite an incentive? Over the last 30 years, executive salaries in the United States have skyrocketed by 940 percent. ®, The Register - Independent news and views for the tech community. This proposition, that responds to a lawsuit filed over the similar Prop G parcel tax assessment for the San Francisco Unified School District, required a … The fine-print for the changes ensures wages, stock options, bonuses, and tax refunds are all considered part of the CEO's total compensation. San Francisco, CA 94102 (Get Directions) Hours: Monday - Friday 8 a.m. - 5 p.m. Email: SFVote@sfgov.org Phone: (415) 554-4375 Fax: (415) 554-7344 TTY: (415) 554-4386. My comments are in block letters and in blue. (b) This ordinance shall become operative on January 1, 2022. “San Francisco is one of the most desirable cities in the United States for companies to be located in. Dec. 2, 2020 at 2:00 p.m. UTC. (b) If the imposition of the Overpaid Executive Gross Receipts Tax in Section 3303 is held in its entirety to be facially invalid or unconstitutional in a final court determination, the remainder of this Article 33 shall be void and of no force and effect, and the City Attorney shall cause it to be removed from the Business and Tax Regulations Code. “Highest-Paid Managerial Employee” means the individual employee or officer of a person or combined group with managerial responsibility in a business function who received the most Compensation for a tax year. It is the nature of that beast. Nowhere in the Proposition does it delegate where the CEO tax revenue will be allocated specifically. ARTICLE 33: OVERPAID EXECUTIVE GROSS RECEIPTS TAX, This Article 33 shall be known as the “Overpaid Executive Gross Receipts Tax Ordinance,” and the tax it imposes shall be known as the “Overpaid Executive Gross Receipts Tax.”. Proposition J: A $288 parcel tax that will generate about $48 million a year for San Francisco Unified School District’s teachers also won. If a multinational desires to open a storefront in San Francisco will they then be required to franchise their name brand to a wholly-owned separate entity just to avoid the excess tax on the payroll or gross receipts? From the Proponents’ Argument in Favor of the Proposition…, CITY LEADERS AGREE ON THE OVERPAID EXECUTIVE TAX. Proposition L asks San Franciscans to issue an ordinance imposing a general, additional gross receipts tax on businesses that pay their top executive over $2.8 million annually at a progressive rate dependent on the ratio of executive/median worker salaries. Current Transfer Tax Rates and Proposed Changes Property Sale Price Current Transfer Tax (and tax rate) San Francisco Voters Pass ‘Overpaid Executive Tax’ November 6, 2020 2:57 pm November 7, 2020 7:53 am On Thursday, it was formally announced that San Francisco’s Proposition L passed in San Francisco, raising annual business taxes for companies that do business in the city if executives are paid drastically more than normal employees. Unless specified otherwise, this overpaid executive administrative office tax shall be considered part of the Overpaid Executive Gross Receipts Tax for all purposes. Shall be considered part of the city and County of San Francisco Unified School District: YES all.. Executives ~+~ Pay: YES Business tax Based on Comparison of Top Executive Pay... Taxes collected are to be deposited in the city to develop or acquire up to 10,000 units of low-income Housing. A decision for the board and the stock holders, not just their executives less or by their... 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