Tuesday, November 12, 2024
San Francisco voters overwhelmingly approved Proposition M, a comprehensive restructuring of San Francisco’s business tax system. Many of the changes in Proposition M are simple, but impactful: cutting the number of tax categories in half, exempting thousands of small businesses from taxes and fees, and streamlining our filing deadlines. My office is well-prepared to quickly implement the will of the voters.
To learn more about the changes, view a summary of the proposal that led to Proposition M and learn about the comprehensive reform process. The Office of the Treasurer & Tax Collector will soon publish a website to provide a comprehensive overview of Proposition M, including examples of impacts on different types of businesses. The Office will also introduce legislation to create two taxpayer programs related to Proposition M (Voluntary Disclosure and Advance Written Determinations), and release draft regulations to provide more direction about how companies should source their San Francisco sales.