S.F. extends biotech payroll tax exemption
S.F. extends biotech payroll tax exemption
San Francisco supervisors on Tuesday approved an extension to the payroll tax exemption for biotech companies.
The supervisors voted 9-2 Tuesday to allow biotech companies to be exempt from payroll taxes for 7 1/2 years irrespective of the application date.
The city estimates there are 2,750 life science jobs in San Francisco, up from 500 in 2004. Growth of the biotech sector in San Francisco is not solely attributable to avoiding payroll taxes, city officials said.