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Supervisors amend and pass biotech payroll tax exclusion; add First Source hiring checks
Summary
The Board agreed to amend a biotech payroll-tax exclusion ordinance to make the credit a rolling seven-and-a-half-year benefit, require public-health sign-off on applications and add a First Source hiring cross-reference and reporting steps. The ordinance passed its first reading as amended.
The San Francisco Board of Supervisors on Tuesday advanced an amendment to the city's biotech payroll-tax exclusion, changing how the credit's sunset operates and adding workforce provisions meant to direct hiring benefits to local residents.
What passed on first reading: The ordinance, sponsored in committee by Supervisor David Chiu, revises the city's biotechnology payroll-tax exclusion so that companies eligible for the exclusion receive the existing seven-and-a-half-year benefit on a rolling basis, eliminating the shortfall that would have applied to firms applying today under the prior sunset language. The board also accepted amendments requiring the Director of…
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