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Budget committee forwards narrow stock-based payroll tax exclusion to full Board; broader exemption continued
Summary
The Budget & Finance Committee voted to send a narrowly tailored pre-IPO payroll tax exclusion to the full Board without recommendation and continued a broader exemption that would cover public companies until further economic analysis is completed.
The San Francisco Budget and Finance Committee referred a narrowly framed ordinance that would exclude certain pre-initial-public-offering stock-based compensation from the city's payroll expense tax to the full Board of Supervisors without recommendation, while continuing a broader bill that would apply to both private and public companies.
Supervisor John Mercurini (pronounced in meeting Mercurini) told the committee the measure is targeted at pre-IPO firms and structured to be accountable: the proposed exclusion would apply for a six-year period, require that a company pay at least $750,000 in stock-based payroll taxes before claiming the exclusion and limit eligibility so that few firms would qualify. "It is a 6 year time frame, after which the tax exclusion can…
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