The base gross receipts tax rate provided by this Section is applicable to the business activities of financial services; insurance; and professional, scientific and technical services. Commencing on the operative date of the Gross Receipts Tax Ordinance, the Controller shall compute the tax rate in accordance with Section 959, but the base tax rate provided by this Section is:
0.400% (e.g., $4 per $1,000) for gross receipts between $0 and $1,000,000
0.460% (e.g., $4.60 per $1,000) for gross receipts between $1,000,001 and $2,500,000
0.510% (e.g., $5.10 per $1,000) for gross receipts between $2,500,001 and $25,000,000
0.560% (e.g., $5.60 per $1,000) for gross receipts over $25,000,000
Financial services includes the activities of engaging in or facilitating financial transactions; it includes business activities described in NAICS codes 521, 522 and 523.
Insurance includes the activities of facilitating or supporting the pooling of risk by underwriting insurance and annuities; the activities covered by this Section include those of persons not exempt from the gross receipts tax based on business activities described in NAICS code 524.
Professional, scientific and technical services includes the activity of providing for others, specialized professional, scientific, or technical services that require a high degree of expertise and training; it includes business activity described in NAICS code 54.
The amount of gross receipts from the activities described in this Section subject to the gross receipts tax shall be the amount determined under Section 956.2.
(Added by Proposition E, App. 11/6/2012, Oper. 1/1/2014)