San Francisco Board of Supervisors Approves Tax Exemption for Some Biotech Companies
The San Francisco Board of Supervisors on Tuesday voted to approve legislation that will exempt some biotechnology companies from the city's payroll tax for part of the next 10 years, the San Francisco Chronicle reports. Under the legislation, sponsored by Supervisor Michela Alioto-Pier, eligible biotech companies will be exempt from San Francisco's 1.5% payroll tax for seven and a half years over the next 10 years. Mayor Gavin Newsom (D) supports the legislation, which he says will help encourage new businesses to open in San Francisco, create jobs and increase revenue (Herel, San Francisco Chronicle, 8/11).This is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.