San Francisco Board of Supervisors Will Discuss Possible Tax Incentives for Biotech Firms
The San Francisco Board of Supervisors on Tuesday will discuss a tax incentive proposal, sponsored by Supervisor Michela Alioto-Pier, that would exempt biotechnology firms from the city's 1.5% payroll tax for 10 years, the San Francisco Chronicle reports. Alioto-Pier said that the payroll tax is one of the principal disadvantages that biotech companies cite when they explain why San Francisco's share of the industry is small, despite a large number of biotech firms that initially developed in the city. She said that other Bay Area cities, such as South San Francisco and Emeryville, have attracted biotech firms because they have no payroll tax. Mayor Gavin Newsom (D) has given the measure "strong backing," according to the Chronicle. San Francisco Director of Economic Development Jesse Blout said the measure could increase overall revenue for the city because the size of biotech facilities would require these firms to pay more in property taxes, according to the Chronicle. Supervisor Chris Daly questioned Blout's assertion and said that the measure could limit resources needed for other projects, the Chronicle reports. Neither side said they had enough votes to prevail (Tansey, San Francisco Chronicle, 7/13).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.