SB762 allows certain California cities and counties to impose a transactions and use tax exceeding state limits if approved by voters.

SB762 adds provisions to the Revenue and Taxation Code allowing specific cities and counties to impose a transactions and use tax at rates exceeding state limits. The tax rates vary by jurisdiction, ranging from 0.25% to 1%. Each locality must adopt an ordinance proposing the tax, submit it to voters, and gain voter approval. If voter approval is not obtained by specified deadlines, the tax provisions are repealed. The tax is intended to support general or specific purposes, including offsetting reductions to social safety net services.

SB762 allows certain California cities and counties to impose a transactions and use tax exceeding state limits if approved by voters.

SB762 adds provisions to the Revenue and Taxation Code allowing specific cities and counties to impose a transactions and use tax at rates exceeding state limits. The tax rates vary by jurisdiction, ranging from 0.25% to 1%. Each locality must adopt an ordinance proposing the tax, submit it to voters, and gain voter approval. If voter approval is not obtained by specified deadlines, the tax provisions are repealed. The tax is intended to support general or specific purposes, including offsetting reductions to social safety net services.