SAN FRANCISCO Many law firms operating in San Francisco will likely face a lower burden under the city’s newly approved gross receipts tax, and questions surrounding the upcoming regime are keeping their tax practices busy.
Until Proposition E passed last week with 70 percent of the vote, San Francisco was the only large city in California with a payroll tax system, which imposed a 1.5 percent tax on all companies. Over the next five years, the city will now phase in a system in which companies pay the city a percentage of their gross receipts based on one of seven industry classifications.
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