D.C. pitches incentives to keep LivingSocial in town

Washington Business Journal

BYLINE: Staff

4/19/2012

D.C. Mayor Vincent Gray has put together a package of incentives meant to keep LivingSocial Inc. and its 956-person Washington payroll in town, The Washington Post reports.

In order to hang on to the company, which adds dozens of new hires every month, Gray and the city would rewrite tech incentives to save LivingSocial up to $32.5 million in taxes over a five-year period beginning in 2015. By then the company, which has yet to turn a profit, expects to be operating in the black and to have hired an additional 1,000 people in the city. To maximize its savings, at least half of the new hires would be required to live in the District or move to the city within six months of being hired, according to The Post.

PUBLICATION-TYPE: Newspaper

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