SAN FRANCISCO (AP) – Supporters of a tax break intended to lure Twitter to San Francisco’s blighted mid-Market neighborhood are pointing to a new report as an indicator of its success.
The report released Monday by the San Francisco Controller’s Office finds that the city brought in $7.6 million more in business tax revenue last year from the area covered by the tax break than it had generated before the incentive. Meanwhile, the city gave up only $4.2 million in waived tax revenue.
Supervisor David Chiu tells the San Francisco Chronicle the report confirms that the tax break is working.
It exempts Twitter and other businesses that move to the mid-Market or neighboring Tenderloin area from a payroll tax on new hires.
Opponents say there is no indication that Twitter and other companies wouldn’t have stayed in San Francisco regardless of the tax break.
(Copyright 2014 The Associated Press. All rights reserved.)