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Title:
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Motion ordering submitted to the voters at an election to be held on November 3, 2026, an Ordinance amending the Business and Tax Regulations Code and Administrative Code, beginning January 1, 2027, to change the gross receipts tax business activity classification in Category 6 to include certain business activities currently in Category 5, increase the gross receipts tax rates for Category 6 business activities, and direct that 12% of the gross receipts tax revenues from Category 6 business activities be used as follows: 1) revenues received for tax years 2027 through 2035 shall fund a municipal finance corporation or public bank, or if such corporation or bank has not been created by December 31, 2031, and the Board of Supervisors so directs, to fund loans for social housing developments, renewable energy and electrification projects, and small businesses, and 2) revenues received for tax year 2036 and beyond shall go to the general fund and be available for any governmental purpose; and increasing the City’s appropriations limit by the amount collected under the gross receipts tax for four years from November 3, 2026.
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