SFCED | San Francisco Center for Economic Development

San Francisco’s Business Tax Breaks Reach $14.2 Million for 2012, Up from $4.2 Million in 2011

Business tax breaks instituted by San Francisco Mayor Ed Lee and other corporate-friendly local politicians to stimulate growth in tech, biotech, and cleantech, diverted roughly $14.2 million from city coffers in 2012, records show. That’s a staggering increase from 2011, when the city’s corporate welfare programs amounted to roughly $4.2 million.

The beneficiaries, mostly representing sectors that are enjoying supercharged growth buoyed by venture capital at a time when much of the economy is still foundering in the wake of the Great Recession, qualified for the tax breaks in exchange for doing business in San Francisco or setting up shop in the Central Market/Tenderloin area.

Read more: San Francisco Bay Guardian San Francisco’s business tax breaks reach $14.2 million for 2012, up from $4.2