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Twitter Passes Tax Break San Francisco Committee | Tech News

Twitter Passes Tax Break San Francisco Committee

On Monday, we told you about the debate that took place in San Francisco on whether to extend the payroll tax break for new hires for the company vilified in some areas of the city. Proposals will be developed as a way to attract companies to locate in the San Francisco and as a way to keep the name of the big companies such as Twitter in the city. It seems the Board of Supervisors Budget and Finance Committee passed a measure in full board. The proposal is almost a sure thing with a newer, more conservative council vote.

The first point of contention is to define the geographical boundaries of the proposed tax relief. Both economically depressed areas of the city that was originally included in the proposal Mid-Market and Tenderloin. As Mid-Market likely to stay on the whole, part of the Tenderloin can be removed from the law.

As the San Francisco Chronicle notes, provide tax relief area, you may have to start giving more:

Meanwhile, companies located in other parts of the city began to ask – and soon will be required – the proposed tax exemption extended to other parts of the city so, too can benefit and make a commitment to stay in San Francisco.

The second issue specific settled behind the so-called “Community Benefits Agreement.” It basically says that if you pay more than a million dollars, then you have to make some kind of commitment to help the community if you want your shiny tax break.

Chronicle reported that the tender proposal with Twitter will have them set aside $ 200K for local services such as janitors, committed to local charter 25% of new employees, donated used computers for the youth and the whole list of other things to help the community.

To the opponents of the law, “Community Benefits Agreement” must see around (God forgive me) putting lipstick on a pig. But even if you think the amount of tax breaks for corporate welfare, at least they tried to make it fun. On the other hand, proponents can boast that they not only keep the business in San Francisco, but soon they were helping people in the process.