Shall the ordinance amending the City of Richmond Transactions and Use Tax Ordinance to increase the tax rate by one-half percent (1/2%) be adopted?
AN IMPARTIAL ANALYSIS OF A CITY ORDINANCE AMENDING THE CITY OF RICHMOND TRANSACTIONS AND USE TAX ORDINANCE TO INCREASE THE TAX RATE BY ONE-HALF PERCENT
Based on an impartial analysis of the proposed amendment, its impact to the existing Transactions and Use Tax Ordinance is to increase the retail transactions and use tax one-half percent (1/2%). The additional funds will be used to restore public services, such as police, fire, libraries, and parks; to provide adequately competitive salaries to city employees; and for other governmental purposes as determined from time to time by the City Council.
The proposed increased tax will increase the local sales tax rate in Richmond from the current 8.75% to 9.25%. Local sales taxes contain certain exemptions and exclusions, such as fixed price contracts and leases of tangible personal property, which will not be affected by the ordinance. The proposed additional sales tax will be administered and collected by the State Board of Equalization.
A separate impartial analysis of the financial impact upon the City will be provided by the City's Finance Director.
The above statement is an impartial analysis of Measure Q. If you desire a copy of the full text of the measure, please call the City of Richmond's City Clerk at (510) 620-6513 and a copy will be mailed at no cost to you.
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