Biotech Issue On Agenda; S.F. Supervisor Wants To Exempt Firms From Payroll Tax

San Francisco Mayor Gavin Newsom's pledge to roll out the welcome mat for biotech firms that consider locating in the city may be put to the test when the Board of Supervisors hears a major tax incentive proposal scheduled for discussion today. Biotech companies would be exempted from San Francisco's payroll tax for 10 years under an ordinance sponsored by Supervisor Michela Alioto-Pier, who is bringing it before the 11-member board for a vote with Newsom's strong backing. Supervisor Chris Daly calls the measure a tax loophole that could sap resources needed for other city priorities, including economic development. Neither side claimed to have the votes needed to prevail. The proposal "has a chance,'' Daly said. "It's going to be a close vote.''

Back to news