D.C. Council approves LivingSocial tax breaks
What a racket. From the Washington Post:
The D.C. Council gave tentative approval Tuesday for nearly $33 million in tax breaks for LivingSocial to keep the growing company in the District after members deemed it essential to city efforts to brand itself as a hub for start-up and technology companies. In a unanimous vote, the deal will save the five-year-old company about $32.5 million in taxes over a five-year period beginning in 2015. In exchange, the company will agree to mentor D.C. students interested in careers in science and technology, hire city youths to internships and offer support to businesses affected by ongoing street construction projects. …
Mayor Vincent C. Gray (D) proposed the incentives in April after LivingSocial co-founder and Chief Executive Tim O’Shaughnessy expressed concern about the company’s growing operating costs in the District. O’Shaughnessy, 30, is the son-in-law of Washington Post Co. Chairman Donald E. Graham.
In case you’re doing the math, that’s $50 per D.C. resident.
