Tuesday, May 10, 2011

Call To Action! Supervisor Mark Farrell's Legislation to Eliminate Tax on Stock Options

Economic Recovery SF

BOMA San Francisco Members:

This Wednesday, May 11, the Budget and Finance Committee of the San Francisco Board of Supervisors will consider two key pieces of legislation relating to local businesses and their already-high tax burdens. We need your help to make sure they choose the right one.

It is time for San Francisco to finally eliminate its unfair payroll tax on employee stock options for public and private companies. This tax is bad for job growth in San Francisco. San Francisco is currently the only city in the nation that imposes a tax on stock options.

Two pieces of legislation are being proposed at the Board of Supervisors to eliminate this tax. Supervisor Ross Mirkarimi has proposed a temporary and targeted repeal. We applaud his effort to address this issue, but we are urging you to support Supervisor Mark Farrell’s legislation that will permanently eliminate this tax and allow more companies to benefit from the repeal.

Supervisor Farrell’s proposal offers to restore a key competitive tool that local businesses can use to retain employees and grow their businesses here in San Francisco. Local, growing businesses mean more jobs for residents, tax revenues, and economic growth.

Contact the Supervisors on the Budget and Finance Committee and let them know that Supervisor Farrell’s legislation is the right one.

Jane Kim - Jane.Kim@sfgov.org
Carmen Chu - Carmen.Chu@sfgov.org
David Chiu - David.Chiu@sfgov.org
Scott Weiner - Scott.Weiner@sfgov.org
Ross Mirkarimi - Ross.Mirkarimi@sfgov.org

Policies that create jobs and strengthen the local economy are the best chance we have to retain and maintain a vibrant recovery in San Francisco. For more information, feel free to visit us at www.economicrecoverysf.com.

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