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The controversial San Francisco homeless tax that pitted tech billionaires Marc Benioff ...

• https://www.cnbc.com, Jillian D'Onfro

The controversial San Francisco "homelessness tax" that divided the tech industry passed with nearly 60 percent affirmative votes, according to poll tallies Tuesday night.

Proposition C will increase gross receipts taxes for companies with more than $50 million in annual revenue by an average of 0.5 percent, generating up to $300 million a year to combat the city's homelessness crisis through initiatives like new beds in shelters and increased mental health services.

Prop C had both vocal proponents and vehement detractors in the tech industry.

Salesforce CEO Marc Benioff strongly endorsedthe measure as a moral responsibility of tech companies, many of which have received tax breaks to maintain offices downtown. Together, Benioff and Salesforce contributed more than $7 million to support the proposal, which could cost Salesforce up to $10 million in additional taxes a year.

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