Supporting job creation and business development in the City is one of my top goals as a City Councilmember. To help grow the jobs of tomorrow, the City Council's Budget Committee on Monday discussed my measure to explore a continuation of the reduced gross receipts tax rate for internet based businesses which otherwise will expire on December 31.
Internet based businesses are a growth area in the local economy, and the technology industry is constantly evolving and changing. Attracting and retaining these businesses and jobs has been and will be good for the city and neighborhoods. This week’s measure will have the Office of Finance report on the economic impact of the current rate and provide recommendations for continuing the ordinance. The report on the economic impact of this tax rate is likely to come back to the Committee within the next month. Our Committee also directed that the City Attorney begin work on an ordinance to continue the rate beyond the sunset date.
In addition, I am pursuing improving the technological innovations that will support these and other companies growth, such as universal broadband. As the representative of the Los Angeles Area Chamber of Commerce said at Monday's hearing, when companies decide whether to locate in the City they do a cost benefit analysis and a lower tax rate is one factor that makes it easier for them to open here. What else would make a difference to your business?
If you or your company would like to share information about how the city can help you grow jobs or locate in the City of Los Angeles, please give me your thoughts below.