Monday, March 21, 2011

Twitter Tax Break, A San Francisco Political Fight!

Twitter Tax Break,

The Twitter Tax break would give companies in the economically depressed Mid-Market and Tenderloin neighborhoods, be exempt from paying the payroll tax for new employees. The exemption would be good for six years and would not apply to workers already on the payroll.
The legislation also exempt affected companies from paying payroll taxes on employee stock options if they go public during this six years and would save a bundle for involved companies.

But the board of supervisors are up in arms. Some supports the measure while others looking to bring it in front of voters in November.

Twitter, a private company, is thinking of moving to Brisbane from it's current location, south of market, is of course looking for the break. If approved, Twitter would move in to a place on Market street by ninth street. Twitter is projecting to hire about 2650 employees by 2013. Twitter currently has 350 employees.

read more on SFGate.


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