The proposed tax, if passed in 2020, is projected to generate at least $50 million in revenue to San Francisco. (AP Photo/Richard Drew) ASSOCIATED PRESSTopline: San Francisco officials will withdraw a proposed “IPO tax” meant to target the spate of startups—including Uber and Lyft—that have gone public or are slated to make their initial public offerings this year. The measure would have imposed a tax on San Francisco-based companies that recently went public, kicking in when employees exercised their stock options. Since the tax has been shelved this year, San Francisco will miss out on the short-term revenue it could have generated from these companies. If the 2020 “IPO Tax” passes, it will be the second big tax on large San Francisco companies approved by voters.

Source: Forbes July 18, 2019 02:06 UTC