San Francisco has decided that halting the relentless rise in the city's business taxes, increases that were ushered in by city voters, is too urgent a priority to wait for the same voters to repeal the action in a 2024 referendum.
City officials have put off plans to increase business taxes that were set to go into effect in 2024 until 2025. The city has determined that another business tax increase is impediment to San Francisco's economic recovery and to its current effort to ride the wave of a tech boom around generative AI.
Mayor London Breed had proposed in the middle of 2023 to let voters decide whether to postpone increases in the gross receipts tax, which makes up most of the city's business tax and brings in about $800M a year.
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