San Francisco is doing everything it can to retain its status as the place to be in tech. The city has set up an ad hoc advisory council, which includes Twitter representatives, in order to evaluate how the city’s tax structure impacts big tech companies.
The advisory council was set up just a week after San Francisco approved a tax break for tech companies who move to the blighted Mid-Market area. This legislation was put in front of the San Francisco Board of Supervisors largely to keep Twitter from moving outside of the city, as it had indicated it might due in order to save money on lower taxes. Now that the tax break has passed, Twitter will likely stay in the Bay area.
According to MarketWatch Twitter will now join city officials on the advisory council in an attempt to make the relationship between tech and San Francisco even rosier. Specifically, the mandate includes:
“recommend[ing] new policies related to high-growth technology companies,” and “evaluat[ing] how San Francisco’s current tax structure impacts companies’ ability to successfully grow jobs in San Francisco.”
Twitter will accompany representatives from Zynga, Yelp, Salesforce.com and angel investor Ron Conway on this council. Mayor Edwin Lee formed this committee to smooth over relations between the city and the tech industry, the latter of which has often complained that San Francisco has some of the highest corporate taxes in the state.
The council is expected to hold its first meeting next week.
- Twitter and Facebook Get an 'F' for Women's Rights
- Twitter Fixes Serious Flaw That Allowed Unauthorised Deletion of User Credit Card Info
- Twitter Raises $1.8 Billion After Strong Demand for Notes
- This is How Twitter Will Look on Your Apple Watch