A few months ago, internet companies employing hundreds of local workers approached my Office of Economic Development and Business Policy. They had a problem: the city's business tax classifications had not evolved to reflect the changing landscape of the internet industry, and as a result these companies were facing a 500% increase in taxes.
Today, I am proud to announce that the City Council unanimously approved an ordinance that will correct this problem by maintaining a lower tax rate for this growing industry.
By passing the internet business tax ordinance, the City is once again proving its commitment to generating jobs and providing a business friendly environment for every business. This ordinance will be instrumental in attracting, retaining, and growing the internet industry in the city of Los Angeles and the good paying jobs this industry supports. Not only is this ordinance good business policy, but it is a pro-active step towards increasing revenues and committing the City to long-term fiscal health.
I would like to thank Councilmembers Garcetti, Rosendahl, and Smith for their work in partnering with the Mayor's office to write this legislation and Councilmembers Alarcon and Parks who worked with their committees to recommend passage to the City Council.
Together, we sent a message loud and clear that Los Angeles will fight to keep good-paying, technical jobs in our city.
Cross-posted at mayor.lacity.org
Follow Antonio Villaraigosa on Twitter: www.twitter.com/villaraigosa
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