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BTAC Final Report on Phasing Out Gross Receipts Tax 09.14.11

BTAC Final Report on Phasing Out Gross Receipts Tax 09.14.11

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Published by Pat McOsker

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Published by: Pat McOsker on Sep 26, 2011
Copyright:Attribution Non-commercial

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09/26/2011

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 Report of Business Tax Advisory Committee Recommending How to Eliminate
September 14, 2011
 
Executive Summary
LAsGrossReceitsBusinessTaxwithRatesRaninUto0.507%is
 
UnconscionablyHigh— 
9.5TimesHigher
ThanAverageforRestofLACountysosave
ontracte
eopuaonas
 xpane
verasDecadesCitysUntenablyHighUnemploymentRateof14.6%is
60%Highe
Than Nation’sAlreadyLofty9.1%LevelCityofLAwithAllofItsStructuralAdvantagesShouldbe
 Leading
LA,LAsReputationforBeingBusinessUnfriendlyandThusWorker&QualityoLifeUnfriendlyEmanatesfromMostVisibleEmbodiment:Onerous&WidelyCriticizedGrossReceiptsTaxBusinessTaxAdvisoryCommittee,TaskForceAppointedbyMayor&City
2
,ReceiptsTaxOverNext4Years
 
Executive Summary (Cont.)
EconometricAnalsisCommissionedbCitIndicatesImactfromElimination
 
ofBusinessTaxCouldRangefromRevenueNeutrality(WorstCase)to
$263-Million
Revenue
Windfall
(BestCase)forLA
 
,RevenuesStemmingfromIncreasedEconomicActivityWouldOffsetImpactasBusinessesComingto,ExpandingWithinorStayinginLADriveStrong AnalysisEstimates
131,000NewJobs
WouldbeCreated,ReturningLAResidentstoNearFullEmploymentWorstCaseAnayssEstmates423MonoInrectRevenueGans,EffectivelyNeutralwithLossofGrossReceiptsTax,ButLAWouldbeBettePositionedforEconomic&EmploymentGrowthinFutureThankstoNewlycqureepuaonorengusnessreny AverageCaseShows$604MillioninIncrementalIndirectRevenues,aNetPositiveContributiontoCity’sCoffersof$179Million
3
 BestCaseIndicates$688Million,aNetGainof$263MillionforLA

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