Studies Urged On Business Tax End Request: Called 'Millstone Around the Neck of the City.'

Summary

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Calling it a threat to economic growth in Los Angeles, a city panel Wednesday called for studies on phasing out the gross receipts tax on business.

Even though the tax brings in more than $425 million a year in revenue, the City Council's Jobs and Business Development Committee said the city needed to look at continuing a tax holiday for new businesses and even eliminating the tax altogether to be more competitive with neighboring cities.

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Studies Urged On Business Tax End Request: Called 'Millstone Around the Neck of the City.'

"There are some businesses thinking about coming to Los Angeles who stay away because of our tax struc...

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