The Legacy Business Program, a part of the San Francisco Office of Small Business, continues to support and promote small businesses in the city. Recently, Proposition M was passed by voters, bringing significant changes for local business owners. This measure increases the Small Business Exemption to cover businesses with annual gross receipts of $5 million or less, up from the previous threshold of $2 million. As a result, an estimated 88% of restaurants and 50% of retailers will be exempt from Gross Receipts Taxes.
Proposition M also eliminates $10 million in annual license fees by waiving 49 different fees. The legislation introduces progressive tax rates across all categories and aims to simplify San Francisco’s business tax structure for easier navigation.
Additionally, new zoning controls have been approved requiring Conditional Use Authorization for new businesses looking to occupy spaces previously held by Legacy Businesses in neighborhood commercial districts. This interim measure will last for 18 months while the Planning Department studies long-term protections for these businesses.
San Francisco recently celebrated 11 new additions to its Legacy Business Registry. The San Francisco Small Business Commission honored these businesses, bringing the total number on the registry to 427.
Several resources are available for Legacy Businesses including a new Business Stabilization Grant designed to encourage landlords to extend or sign long-term leases with these businesses. The grant requires landlords to share at least half with their tenants.
Moreover, Community Boards offers conflict resolution services as part of their ongoing support for Legacy Businesses.
Businesses must now comply with federal requirements to file “Beneficial Ownership Information” by January 1, 2025. The SF Small Business Development Center offers assistance in this process.
In other news related to business-to-business services within the community, various animal care providers continue offering specialized services ranging from grooming and pet supplies to veterinary care focused on avian and exotic pets.
Legacy Businesses remain integral parts of their communities providing essential goods and services while fostering economic growth within San Francisco.
