Council extends tax holiday

Taking two small steps to reverse the city's image of being unfriendly to business, the City Council on Wednesday called for extending the three year tax holiday for new businesses and exempting mutual fund managers from the tax. Daily News.

The current business tax holiday ends in 2012. The proposal would extend it through 2015.

"With a 12 percent unemployment rate, we need to move quickly to attract and retain jobs in the city," Council President Eric Garcetti said of the tax holiday.