Biotech tax break approved 

The Board of Supervisors gave final approval Tuesday to extend the biotech tax break for new companies. It would exempt them from having to pay the city’s 1.5 percent payroll tax for 7.5 years. The legislation passed in a 9-2 vote. Supervisors Chris Daly and John Avalos opposed it.

Before the passage of the legislation, a biotech company that was granted the tax break would enjoy the tax relief for just four years as the program expires in 2014. It’s thought it takes about seven years for a biotech company to establish itself.

Now any company that is granted the exemption will enjoy it for those 7.5 years even if they are approved for it in, let’s say, 2013.

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