Biotech tax break expanded 

In a 9-2 vote the Board of Supervisors approved legislation allowing new biotech companies to apply until 2014 for a 1.5 payroll tax break that would last for 7½ years. Before the passage of the bill, a biotech company that was granted the tax break would enjoy the tax relief for just four years. It’s thought it takes seven years for a biotech company to establish itself.

The legislation was introduced by Supervisor Michela Alioto-Pier. It was opposed by Supervisors Chris Daly and John Avalos. Avalos said it was a “slippery slope” and thought it was a bad policy approach. He also said The City has already invested so much making biotech companies welcome in San Francisco, such as in the way of infrastructure.

Pin It

Speaking of...

More by Joshua Sabatini

Latest in Government & Politics

© 2018 The San Francisco Examiner

Website powered by Foundation