Frisco Fund Sponsors, Keep An Eye On Gross Receipts Tax

Law360, New York (December 7, 2012, 4:48 PM EST) -- On Nov. 6, San Francisco voters approved “Proposition E,” a measure that introduces a new gross receipts tax on all taxable business activities attributable to the city of San Francisco. The measure is intended to replace, over time, the city’s 1.5 percent payroll expense tax. The gross receipts tax will be phased in, and the payroll expense tax will be phased out, over a five year period, beginning in tax year 2014.

The phase-in factor will be 10 percent in 2014 and will reach 100 percent...
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