L.A. creates tax holiday

New companies will get a three-year break from paying Los Angeles' business tax under an ordinance approved Friday by the City Council, which also approved a Taxpayers Bill of Rights and a plan to study other economic incentives.'Daily News.

The council's 10-0 vote is designed to fuel the growth of new businesses &nash; particularly the small- to medium-sized companies that hire local residents. A study by USC's Marshall School of Business estimated the tax break could result in 55,000 jobs being added to local payrolls.