The Los Angeles City Council this week voted unanimously to create an Ad Hoc Committee on Business Tax Reform. The Committee will be led by Councilmember Paul Krekorian, chairman of the Budget and Finance Committee, and will look at ways the city can promote business development and stimulate economic growth throughout Los Angeles.
“As this city slowly recovers from the worst of the Great Recession, too many of our families are still impacted by the shortage of good jobs,” Councilmember Paul Krekorian said. “We need to take bold steps to make Los Angeles a place that attracts new business activity, encourages more investment in existing businesses, and creates new jobs that help our middle class expand. If Los Angeles is going to be restored to its rightful place as the economic capital of the Pacific Rim and the home of innovation and entrepreneurship, we need to make it easier and less costly to do business here, and we need to build a stronger partnership between city government and the private sector to lay the foundation for economic revitalization. Reform of the city's business tax is vital to that vision.
“In my dual roles as Chair of the new Ad Hoc Committee on Business Tax Reform and Chair of the Budget and Finance Committee, I look forward to working closely with my Council colleagues, civic leaders, the business community and labor to seize the opportunity to set a course for prosperity in the months and years ahead. The new Ad Hoc Committee will give careful analysis to business tax reform proposals in light of both their effectiveness in creating new economic activity and their fiscal impact on city services. I am honored that Council President Wesson has entrusted me with this significant responsibility for renewing our local economy and ensuring that effective policies are enacted for the benefit of this and future generations of Angelenos.”
The Committee will also include Councilmember Eric Garcetti (vice chair), Councilmember Joe Buscaino, Councilmember Mitch Englander, Councilmember Jose Huizar and Councilmember Dennis Zine.