Board Votes in Favor of Twitter Tax Break

By Mathew Luschek
|  Tuesday, Apr 5, 2011  |  Updated 6:23 PM PDT
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Board Votes in Favor of Twitter Tax Break

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SF Board of Supervisors votes in favor of giving Twitter a tax break, to stay in town.

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Twitter's San Francisco tax break is even closer to becoming official.

Venture Beat reports that the City's Board of Supervisors voted 8-3 in favor of capping the social network's payroll taxes at its current level for the next six years.

This means Twitter won't have to pay taxes on new hires, or stock option payoffs if the company went public.

The break needs one more vote from the board, and approval from Mayor Ed Lee.

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