SF To Give Tax Break To Private Startup Companies

SAN FRANCISCO (CBS/AP) – San Francisco is giving private startup companies in the city a tax break to keep them from possibly going elsewhere.

Mayor Ed Lee is expected to sign legislation on Friday that would give companies such as Zynga and Yelp a partial tax exclusion on stock options.

Supporters of the change said San Francisco is the only jurisdiction in the state to tax gains on stock options—taxes that could be high enough to push companies away.

The legislation comes after a deal in April that provides a payroll tax exemption on new workers hired by businesses that open up or relocate to the rundown Mid-Market area or parts of the Tenderloin.

That tax break was intended to keep Twitter in San Francisco.

 

(Copyright 2011 by CBSSan Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services may have contributed to this report.)

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