City Council Votes To Give New Los Angeles Businesses Tax Exemptions For Two Years
The Los Angeles City Council unanimously voted on Friday to give tax breaks to new businesses that open in Los Angeles.
The businesses will qualify for the "Business Tax Holiday" exemption only if they gross less than $500,000 a year. The exemption will only last until the end of 2012.
"We sent the message loud and clear that Los Angeles is committed to leveraging every resource it has to attract businesses and put Angelenos back to work," said Mayor Antonio Villaraigosa.
The tax holiday could create up to 55,000 new jobs, according to a study from the Marshall School of Business at USC. The measure was first brought up in July.
Get the ICYMI: Today's Top Stories Newsletter
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in Los Angeles, delivered to your inbox Monday through Friday.