San Francisco
Corporate Tax Change |
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San Francisco will be switching from
a Payroll Expense Tax to a Gross Receipt Tax starting in
2014.
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Business in San Francisco will have
to make adjustments to the new law that changes the way they
pay corporate taxes.
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San
Francisco currently have a 1.5% Payroll Expense Tax in place
that taxes all businesses with a taxable San Francisco
payroll expense greater than $150,000.
This tax is being phased
out between 2014 and 2018.
It will be replaced by the
Gross Receipt Tax.
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The Gross
Receipt Tax will be applied based on the industry your
business is in and the amount of gross receipts.
The Gross Receipt Tax rate
will range from $0.75 per $1,000 to $5.60 per $1,000 on
gross receipts of $1,000,000 and above.
The rate is tiered based
on the level of gross receipts.
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Small
Businesses with gross receipts less than $1,000,000 will not
be subjected to the Gross Receipt Tax.
Learn more about the new tax.
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By Owen
Daniels
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