Los Angeles legislators are taking new steps to the make sure the city is attractive to those looking to start an LLC.
Officials have now unanimously passed a pair of initiatives that give new large companies a three-year exemption from the city’s existing business tax and gives new small businesses an exemption through the end of 2012.
“This tax holiday will allow businesses that are starting out in Los Angeles to get on their feet,” City Council President Eric Garcetti told KPCC radio. “We are going to waive 100 percent of their gross receipts or business tax, and allow them to create jobs right here in Los Angeles where we need in the midst of this recession to put people back to work.
Once the bill expires, the exemption will drop to two years, and will only apply for small businesses that earn less than $500,000 per year.
City business leaders approved the move. The Los Angeles Times reports that the local Valley Industry and Commerce Association praised officials for “listening to the business community’s concerns.”
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