ted egan from the controller's office. our office issued an economic report on this item this morning, and if i can bring it up on the screen, i'll walk you through some of the highlights and conclusions of that report. as supervisor mar indicated, this tax, which is a tax of 1.12% on the stock-based compensation of businesses subject to the payroll tax in the city would effectively raise that tax to 1.5%, which is the rate that it was at prior to the business tax reform efforts the city undertook in 2012. the tax is a dedicated tax as currently introduced and would require a two-thirds approval. the tax was intended to be devoted to low-income workers and small business stablization. i would want to point out that while small business stablization is often discussed in the initial public offerings of companies, this is broader than that. it would cover all stock-based compensation, which is payment or compensation made to employees in lieu of wages and salaries and consisting of rights to own the company or options to own

we will hear shortly from ted egan around administered -- administer ability. i want to thank her because it is indeed easy to administer and i also, as i said at last week's hearing want to acknowledge the tee and c. companies themselves for coming to the table to come up with the tax that is before us. as i said last week, this came out of mayor lee and my office's convening of the transportation task force. it was one of the recommendations. some of them we have already implement it from new sources of revenue to address the total of 27 billion-dollar needs that has been identified between now and the year 2045. this would be a proverbial drop in that bucket, as you know. the controller has given us a memorandum saying this would raise 32 or $35 million per year i also want to think something member taking who sponsored the ability to reaffirm our authority to levy a tax to raise revenue for tn sees. it proceeded our local drafting of the measure that is before you today. the goals are very simple. this is a traffic congestion mitigation tax and we all know