San Francisco's IPO tax won't be on the ballot until 2020

Driving the news: On Wednesday, the measure was delayed for a year, primarily because it might as well have been written in crayon. For example, it wasn't clear if the "IPO tax" was exclusive to companies going public, or to all stock-based compensation.

But the really devilish detail might have been use of proceeds.

• The original bill earmarked proceeds for affordable housing initiatives, with proponents arguing that newly minted tech millionaires exacerbate an already-acute problem.
• This meant, per San Francisco rules, that it would have needed two-thirds of voter support to become law.
• The revised/delayed bill will also allow proceeds to be used for general city purposes, thus lowering the passing threshold to a simple majority.

Expect to see final language within the next few weeks, and then on the 2020 ballot.