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About 1,850 businesses that pay on average $294 annually are eligible for the waiver. Newport Beach has 25,000 businesses currently licensed, including almost 9,000 that have their headquarters in the city.
The city projects the waiver will cost a one-time revenue loss of $667,000.
Since Newport Beach’s business license tax is payable on a variable renewal date that is unique for each business, the proposed waiver would be in effect for renewals processed for a one-year period beginning on April 1, 2021, and concluding on March 31, 2022.