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