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Board advances payroll tax exclusion for stock-based compensation after heated debate
Summary
The San Francisco Board of Supervisors voted to pass in first reading an ordinance excluding certain payroll taxes attributable to stock‑based compensation, a narrowly tailored measure aimed at pre‑IPO companies. The vote followed hours of debate over whether to pursue targeted relief now or delay for a comprehensive tax overhaul.
The San Francisco Board of Supervisors voted in favor of an ordinance in the first reading that allows limited exclusions from payroll expense tax for payroll attributable to stock‑based compensation, a change proponents said targets a small number of pre‑IPO companies. The measure passed after an extended debate and a failed motion to continue the item.
Sponsor Supervisor MacRaeamy said the ordinance is “a stock option tax exemption” designed to address a narrow set of firms and to provide data for any later, broader tax reform. She described the…
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