Business & Tech
Living Social Far from Reaching DC Tax Breaks
D.C. Council OK'ed the tax package last year in an effort to keep the then-growing tech firm in the city.
Georgetown-based LivingSocial is far from reaching incentives that would enable it to claim millions of dollars worth of tax breaks approved by Washington, D.C. officials, Capital Business reports.
The online coupon firm could score up to $32.5 million in tax breaks – a move approved by D.C. Council as a way to entice it to stay in the area.
The company would need to have a minimum of 1,000 employees and D.C. and open one headquarters of about 200,000 square feet. The company was on track to achieve that round the time the tax package was approved.
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However, in November word got out that the firm would lay off 400 employees. It currently has 602 workers in D.C., 244 are District residents, according to the article.
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