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Articles tagged with: tax deductions

San Fran Tech Companies Get Tax Break

The city of San Francisco, California approved a tax holiday that will save Zynga, Yelp, and other Internet companies within the city, millions of dollars. The officials are hoping to preserve San Francisco’s image as a tech center, even though most of the major Silicon Valley companies (Google, Apple, Intel, and HP) are in the San Jose area.

Opponents of the deal call it a payoff to the already-wealthy companies. Under San Francisco’s payroll tax, companies with over $250,000 in payroll are required to pay the city 1.5% of the total employee compensation each year.