S.F. firms face tax-credit crackdown

Aug. 2, 2002
San Francisco is auditing more than 100 companies that took new-jobs tax credits, hoping to recapture millions of dollars from those who have since cut their payrolls.
The audits include a potential $9 million bonanza from one unnamed company. They come as the city wrestles with a budget ravaged by the weak economy, and as supervisors scour for new income to make up for tax shortfalls.
The audits, going back to 1998, could recover more than $10 million in payroll taxes for each of the past two years alone, said city Treasurer Susan Leal. The city hopes to send out bills soon.
"We're looking at some of the (companies) that owe some of the largest amounts of credit," Leal said.