Twitter has won a battle with the San Francisco Board of Supervisors to the effect that the firm will now be exempt from a 1.5 percent payroll tax for the next six years.
Twitter and several other firms had threatened to move their offices away from the city, but appear to be appeased by the tax break, which the Board of Supervisors believes will be a healthy breath of fresh air to some of San Francisco’s less desirable areas.
Twitter’s tax break tally should come to about $57 million saved over the six year period, according to sources in the know.
Union and community groups are up in arms at the deal, however, while other San Francisco based startups like Zynga want in on the deal too.
Has the San Francisco Board of Supervisors opened a floodgate it will find difficult to close? We’ll have to wait and see.
