Los Angeles Business Tax Cuts
- Feb 25, 2015 | Gail Cole
The Mayor of Los Angeles has signed into law his plan to cut business taxes. Over the next several years, business taxes will drop by 16% overall. The minimum wage will increase to $13.25 by the end of 2017.
Mayor Eric Garcetti calls the plan “a strategic approach to creating jobs and opportunity for Angelenos.” He believes the plan will encourage businesses to stay or relocate to Los Angeles. His enthusiasm is shared by the Los Angeles Business Council, which “in an unprecedented vote” of the entire membership has endorsed the plan.
The newly approved Ordinance Number 183419, which affects Los Angeles Municipal Code Sections 31.22, 21.41, 21.43, 21.44, and 21.45, will take effect on March 20, 2015. Details will be forthcoming.