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Business Tax Rate Changes 2014
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MEMORANDUM <br />Finance Department <br />DATE: 09/30/2014 <br />TO: COLLEEN NICOL, CITY CLERK <br />FROM: CINDY BUECHTER, BUSINESS TAX SUPERVISOR <br />RE: <br />RECEIVE <br />SEP 3 0 2014 <br />City Riverside <br />City <br />BUSINESS TAX RATE CHANGES, NEW BUSINESS TAX CEILING AND ADDITIONAL <br />FEES, DEPOSITS AND CHARGES IN ACCORDANCE WITH CHAPTER 5.04.330 OF THE <br />RIVERSIDE MUNICIPAL CODE EFFECTIVE NOVEMBER 1, 2014. <br />Please find attached the business tax rate changes, for your records, effective November <br />1, 2014, in accordance with Chapter 5.04.330 of the Riverside Municipal Code. Chapter <br />5.04.330 provides for an annual inflation/deflation adjustment of no more than 5% to <br />reflect the change in the Consumer Price Index for the previous twelve months. The <br />change in the CPI from August 2013 to August 2014 was 1.8%. <br />Chapter 5.04.330 states "said change shall be rounded off to the nearest whole percent <br />per hundred as follows: If the remaining fraction of a per cent is forty-nine one - <br />hundredths of a percent or less such fraction shall be omitted. If the remaining fraction of <br />a percent is fifty one -hundredths of a percent or more, the next highest percent shall be <br />applied". Therefore, based on a CPI of 1.8%, all business tax rates have been updated by <br />2%. <br />All base tax rates are rounded off to the nearest twenty-five cents, each multiple of gross <br />receipts tax rates are rounded to the nearest one -cent, and all additional tax rate multiples <br />are rounded to the nearest dollar. <br />In addition to rate changes, the Municipal Code provides for an annual adjustment to the <br />business tax ceiling and all fees, deposits and charges of no more than 5% to reflect the <br />change in the CPI for the previous twelve months. Therefore, based on a CPI of 1.8%, all <br />fees, deposits and charges have been updated by 2%. <br />cc: Scott Catlett, Assistant Finance Director <br />attachments <br />
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