San Francisco Gives Final Approval to Payroll Tax Exemption to Benefit Twitter

SAN FRANCISCO—San Francisco Board of Supervisors gave final approval April 19 to creating a payroll tax exemption to keep in the city companies such as Twitter Inc. that are planning initial public offerings.

The proposed ordinance allows businesses that open shop in the Tenderloin and Central Market Street neighborhoods to avoid the 1.5 percent payroll tax San Francisco imposes.

Companies, in exchange for avoiding the 1.5 percent payroll tax on new net jobs and on stock options, in exchange would provide community benefits to the downtown neighborhoods where prosperity has proven elusive.

The vote split was the same as on ...