THE SOLUTION: PROP 15 SUPPORTS SMALL BUSINESSES!
Prop 15 exempts small businesses and cuts their taxes to help them recover and rebuild. Prop 15 eliminates the business personal property tax on their equipment, computers and fixtures.
Prop 15 protects small businesses by specifically exempting all small businesses operating out of homes. According to the California Department of Industrial Relations over half of all small businesses are operated in homes.
For small business that operate outside of homes in commercial or industrial properties, Prop 15 exempts small businesses owning non-residential commercial and industrial property worth $3,000,000 or less. As a result of this exemption, owners of 65% of all nonresidential commercial and industrial properties will see no change in their property taxes from Prop 15.
For small businesses that rent, many will be unaffected because they rent in the 65% of all business properties that are exempted from Prop 15 or in properties whose owners already are paying their fair share.
REMEMBER: Landlords who try to increase rents after their loopholes are closed will risk losing their tenants who can relocate to other buildings unaffected by Prop 15 or whose landlords want to fill their vacant spaces. Prop 15 gives small business renters more time to consider their options by providing them an extended phase-in.
By closing loopholes benefiting wealthy corporations, Prop 15 helps small businesses compete by leveling the playing field.