sf.citi member companies,
I hope you are doing well this evening.
I’m writing to you today to provide you with an update on what transpired at this afternoon’s Board of Supervisors meeting where both the Overpaid Executive (CEO) Tax and the Gross Receipts Tax (GRT) measures were heard and voted on, as well as a brief update on Supervisor Mar’s IPO Tax and subsequent introduction.
CEO Tax + GRT
Supervisor Haney’s motion to place the CEO Tax on the ballot passed unanimously. Additionally, the Mayor and Board of Supervisors’ joint GRT measure was heard and also passed unanimously. A general overview of each item was presented upon — however, there was little to no further discussion by Supervisors.
As such, both the CEO Tax and GRT will be submitted to the November 2020 ballot. Please note: Supervisors Walton, Ronen, and Mar were added as co-sponsors for the GRT measure.
IPO Tax + Legislation Introduced
As predicted, we are pleased to inform you that Supervisors Mar, Ronen, Preston, and Peskin have withdrawn the Stock-Based Compensation (IPO) Tax from the November ballot. sf.citi has consistently opposed this additional tax and we are happy to note this outcome.
Lastly, Supervisor Mar introduced an ordinance codifying the “Back to Work” legislation for next year, or until the current public health emergency ends. We will send the legislation your way once we have access to it, and will be sure to send further information once it comes our way.
Please let us know if you have any questions on the above information.
As always, thank you for your continued membership.
Jen
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