BLOOMBERG TAX – May 16 – San Francisco's eight-year-old tax break to encourage tech companies to locate in the city – a.k.a the "Twitter tax break" – is ending on May 20th. The tax break saved businesses $70M since San Francisco enacted it. The climate for tax giveways has changed dramatically, with emerging tech companies blamed for everything from rising housing prices to clogged city arteries. Over the last month the average San Francisco home price was $1.4M, up 1.7% from last year. That's nearly double the $665K median sales price in the Q1 of 2012. Online dating company Zoosk took advantage of the break in exchange for providing internships, $10K to a neighborhood nonprofit, and tutoring, in addition to patronizing local restaurants and bars, its agreement said.
by Joyce E. Cutler
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