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Photo credit: Bisnow: Aswin Mannepalli
The Peskin/Campos/Mar plan to tax tech companies with revenues of more than $1M fell in a 2-1 vote in a committee hearing Monday night.
Labeled a "tech tax," the proposal was designed to help pay for homeless relief efforts, reports the San Francisco Business Times. Tech companies taking in more than $1M in revenue would pay a 1.2% tax on payrolls.
Supervisor Mark Farrell was instrumental in derailing the proposal in committee. Had it passed Monday's vote, it would have gone to the full Board of Supervisors. Farrell blamed poor planning for the housing crisis and called singling out a sector or industry the “politics of Donald Trump.” [SFBT]
