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Daily Tax Report: State

Uber Faces Proposed ‘IPO Tax’ in a Divided San Francisco (1)

April 24, 2019, 12:41 PMUpdated: April 24, 2019, 8:20 PM

Uber Technologies Inc.’s initial public offering, expected next month, will mean a massive payoff for many employees. In the company’s hometown of San Francisco, it will also deepen fears that a wave of technology IPOs threatens to displace other residents who are being left behind. One city lawmaker plans to propose that tech companies share the wealth.

An Uber protest.
Photographer: Victor J. Blue/Bloomberg

San Francisco Supervisor Gordon Mar is circulating a motion that, if approved by a majority of the county board, would place a payroll tax covering stock-based compensation on the November ballot. The proposal, a draft of which was obtained by Bloomberg, would...

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