Among the companies benefiting were two Sacramento strip clubs and some of the nation’s largest corporations, including Wal-Mart, McDonald’s, Yum! Brands, FedEx, Starbucks and Wells Fargo
Large businesses in California “enterprise zones” reaped billions of dollars in tax breaks in recent years, but tax privacy laws made it impossible to tell whether the program actually encouraged companies to hire new workers in economically disadvantaged parts of the state. So the Legislature overhauled the $750 million program — but instead of killing it outrightstate put aside an equivalent amount for an even more elaborate array of tax credits. San Francisco officials said that a local, parallel tax break program will continue.
SAN FRANCISCO’S WORKFORCE REBOOT is the cover story in the fall 2013 print edition of the San Francisco Public Press. Check back for updates on other stories.
Enterprise zones — which were created to offer tax breaks for companies creating jobs in economically depressed areas of the state — are on the way out in California, to be replaced by a range of more targeted incentives. The current program came under scrutiny for soaring costs and the proliferation of businesses that legislators said did not need the generous tax credits they were collecting.
President Barack Obama will soon announce a plan to limit carbon dioxide emissions from existing power plants, making tackling climate change a second term priority, according to The New York Times.
Tim Redmond, the longtime executive editor of the San Francisco Bay Guardian, left the paper late Thursday night after the owner forced him out, he said. Redmond said his dismissal stemmed from a dispute over personnel and editorial direction. Stephen Buel, editor of the Guardian’s sister paper, the San Francisco Examiner, called it a resignation. Buel said the Guardian has been losing money and Redmond resigned to prevent the firing of other staff.
The America’s Cup may not turn out to be the benefit to San Francisco that city leaders and private boosters once promised. But the city’s economic development officials still say taxpayers can break even by hosting a scaled-back version of the boat race this summer. Buried deep in Mayor Ed Lee’s proposed city budget released on May 31 was $22 million directed toward planning, permitting, emergency, security and transit measures for the America’s Cup.