Twitter gets payroll tax breaks from San Francisco
San Francisco has approved a payroll tax cap, a legislation change that is expected to keep Twitter’s headquarters within the city.
Twitter had been thought to be looking to move into new premises, with other US cities vying for its presence, prompting a change in business legislation by San Francisco’s Board of Supervisors offering a cap on payroll taxes to companies with payrolls of over $1 million for the next seven years.
Another benefit from the new legislation will include a tax exemption for employee income from existing stock options.
The breaks will be offered to companies moving to a mid-market neighbourhood within the city.
It is thought that Twitter has the potential to grow to nearly 2,600 members of staff within the next six years, despite currently employing around 400.