The San Francisco Chamber of Commerce is taking sides on two dueling pieces of legislation that address The City’s business tax on employee stock options.
Supervisor Ross Mirkarimi and Board of Supervisors President David Chiu are pushing a six-year moratorium on stock option taxes that exceed $750,000. Supervisor Mark Farrell has his own legislation that would end the tax permanently, without any cap.
Take one guess who the chamber supports.
“Supervisor Ross Mirkarimi has proposed a temporary and targeted repeal,” read an action alert from the chamber. “We applaud his effort to address this issue, but we are urging you to support Supervisor Mark Farrell’s legislation that will permanently eliminate this tax and allow more companies to benefit from the repeal.
“Supervisor Farrell’s proposal offers to restore a key competitive tool that local businesses can use to retain employees and grow their businesses here in San Francisco. Local, growing businesses mean more jobs for residents, tax revenues and economic growth.”