San Francisco’s business-tax breaks increased by about $10 million last year as the exemptions city officials carved out to promote the technology industry and boost hiring are attracting more interest.
From a mid-Market Street incentive for Twitter to an initiative to encourage smaller employers to hire more, the total amount of tax breaks was $14.1 million last year. In 2011, tax breaks totaled $4.29 million.
The City rolled out the breaks to help stimulate the local economy, which is now doing so well that San Francisco’s “good-times” tax credit also was triggered. That means businesses received up to a $500 tax refund because business-tax collections grew by more than 7.5 percent; last year they grew by nearly 12 percent.
The tax credit has not been triggered since the dot-com boom of the late 1990s.
Read more: San Francisco Examiner San Francisco business tax breaks skyrocket in second year