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Council approves business tax reform ordinance; funding source debate leaves $4 million allocation contested
Summary
The Los Angeles City Council on Oct. 23 approved measures related to business tax reform and a second-year tax moratorium aimed at supporting small and start-up businesses.
The Los Angeles City Council on Oct. 23 approved measures related to business tax reform and a second-year tax moratorium aimed at supporting small and start-up businesses. After a contentious debate about how to fund an expected $4 million cost, the council adopted the budget and finance committee recommendation to allocate the money from the city’s tax-reform account. The final committee motion passed 12 ayes.
Why it matters: Councilmembers debated whether to tap the Business Tax Reform Fund immediately to cover the program’s cost or to freeze — but not spend — $4 million while more information about actual revenues arrived. Supporters said acting now would send a rapid economic signal to small…
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