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New Hiring Tax Credit Proposal for the City of Los Angeles

Via Bruce Dobb’s “Government Money for Small Biz” blog, the City of Los Angeles is considering a new credit against City business taxes for hiring new employees:

Citing Los Angeles’ higher than the national average unemployment rate and the necessity for tax relief for businesses/employers during the current recession, City Council President Eric Garcetti introduced a motion in City Council calling for enactment of an ordinance to establish a local job creation tax credit.1

The proposed ordinance, which was referred to the City Council’s Jobs and Business Development Committee, would give Los Angeles businesses/employers a $1,000 to $5,000 tax credit against the City’s business tax for every resident they hire, and remain in effect until the unemployment rate is reduced to pre-recession levels.2

On September 14, 2010, the City Council’s Jobs and Business Development Committee, Chaired by Council Member Richard Alarcon, voted unanimously in favor of the Garcetti-Smith motion and referred the matter to the City Council for consideration.

SEE FOR MORE INFO.http://cityclerk.lacity.org/lacityclerkconnect/index.cfm?fa=ccfi.viewrecord&cfnumber=10-1048

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