The Uber Tax? Stock-Based Compensation Faces New Local Levy (2)

San Francisco voters could get a shot at taxing stock-based compensation as the city prepares for initial public offerings to bring in billions to hometown companies like Uber, Airbnb, and Slack.

The proposed initiative, introduced May 9, has six co-sponsors, meaning a majority of the 11-member Board of Supervisors backs it. The announcement comes the day before the trading debut of Uber Technologies Inc. Uber said it has raised $8.1 billion in its IPO, giving the company a market value of $75.5 billion.

The initiative would place an additional 1.12% payroll expense tax on the current 0.38% of taxable expense ...