San Francisco attempts to persuade Twitter to remain
In a bid to ensure that Twitter remains in San Francisco, the city is offering a to freeze payroll tax increases for businesses located there.
The city has proposed a free in the tax increase of company payrolls on a street in the Tenderloin district, the first major policy of new interim Mayer Edwin M. Lee, which is directly aimed at keeping the headquarters of the microblogging site in the city, which employs 300 people, to San Francisco as it seeks a new home.
In a statement, Lee commented: “Twitter’s global appeal and growth in the last few years in our South of Market neighborhood has given an enormous boost to our local economy. The proposed Payroll Tax Exclusion for Central Market and the Tenderloin will help keep Twitter’s headquarters here, bringing jobs to San Francisco and helping to transform and revitalize the Central Market corridor."
Businesses with payrolls of over £250,000 currently pay a tax of 1.5 percent, but will not pay anything if located within the Tenderloin district.
Twitter has yet to announce any plans to relocate.