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Board approves temporary payroll-tax exclusion for small businesses in bill passed on first reading
Summary
The San Francisco Board of Supervisors voted to pass on first reading an ordinance creating a temporary payroll expense exclusion for small businesses with payroll under $500,000, intended to spur job growth through February 2015; the measure passed 10-1 after debate over budget impacts.
The San Francisco Board of Supervisors on June 12 passed on first reading an ordinance to permit a payroll expense tax exclusion for small businesses that expand net new payroll between 2012 and 2015.
Supporters said the measure is aimed at job growth among neighborhood firms. Supervisor David Chiu (presiding) and Supervisor Chris Farrell, the ordinance sponsor, framed the change as an incentive for micro- and neighborhood businesses to add staff. "Our small business community is the heart and soul of our city," Supervisor Farrell said, adding that the exclusion applies to…
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