Assessor Chu Extends Filing Deadline for SF Businesses to June
*** PRESS RELEASE***
ASSESSOR CHU EXTENDS FILING DEADLINE FOR SF BUSINESSES TO JUNE
Last Day to File Form 571-L Business Personal Property Moved from May 7 to June 1
SAN FRANCISCO, CA --- Today, San Francisco Assessor Carmen Chu announced new action to help small businesses impacted by the COVID-19 crisis to avoid tax penalties. All businesses in California are required to file their business personal property with their County Assessor by May 7 every year. However, due to physical office closure, the San Francisco Office of Assessor-Recorder has moved the filing deadline to June 1 this year.
“We understand businesses, especially small businesses, are experiencing an unprecedented financial challenge that is outside of their control. As a City, we need to step in and help in every way we can,” said Assessor Carmen Chu, “by effectively pushing back the date at which penalties begin applying, we give businesses some much needed breathing room.”
Under the State law, items like furniture, machinery, equipment and supplies used to run a business are subject to property taxation. They are called Business Personal Property (BPP). Last year, 41,236 businesses were required to report or declare their business personal property in San Francisco. Of the over 40,000 businesses assessed, close to 4,300, or a little more than 10 percent, were ultimately exempt from paying taxes because their total BPP value was under $4,000.
As of May 1, over 7,600 businesses have already filed their BPP statements.
“Our local businesses are the backbone of our City’s economy and they are struggling,” said Rodney Fong, President and Chief Executive Officer of the San Francisco Chamber of Commerce. “The entire business community appreciates Assessor Chu’s leadership in extending the filing deadline. The extension helps our small businesses preserve thousands of dollars in cash reserves that will be critical to helping them get back on their feet.”
California state law under Revenue and Taxation Code (section 441(b) and 463) automatically applies a 10% penalty for those who file after May 7. With a physical closure, the date at which the penalty applies is pushed back to June 1. The office plans to safely accept in-person business personal property statement drop offs on June 1. Additional details will be announced. Meanwhile, the safest and most convenient way to file is through electronic submission. Currently, 6,450 businesses filed electronically through our website - click here for more information. Businesses can also mail in their filings at any time. For any questions, please email email@example.com.