Tax Reform OK'd - L.A. Cuts the Little Guy Some Slack
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Just following up: The sky will not fall Halloween night on the proposal to overhaul L.A.'s byzantine business tax code and cut small businessfolk a break.
Hertz-Blog reports that Councilmembers Wendy Greuel and Eric Garcetti managed to get the plan out of committee before the Oct. 31 deadline. On to the full council for a vote.
The reform package would eliminate the city's business tax on firms earning $100,000 or less, about 61% of companies in Los Angeles, and phase in a 15% cut for all other companies over five years.
Other measures would eliminate business taxes on bad debt and exempt writers, directors and other entertainment industry workers from paying the tax if they make $300,000 or less in gross receipts.
No indication yet on how the city will recoup the $95 million a year it's been reaping by confusing and overcharging small businesses ...
Posted by: mack_reed on Friday, October 29, 2004 - 02:22 PM
