LOS ANGELES : Tax Relief OKd for Firms Closed by Quake for 60 Days
The Los Angeles City Council on Tuesday waived the payment of business and payroll taxes for shops and companies that were forced by earthquake damage to close for at least 60 days.
Without comment, the council unanimously approved an ordinance providing employers with relief from 1994 business and payroll expense taxes, which are based on 1993 gross receipts. Since the Jan. 17 Northridge earthquake, the council has been granting various forms of relief to victims.
The city gave one-time waivers for utility bills and sewer charges and charged no fees for reconstruction and repair work and demolition permits.
Large businesses also received a five-year, 25% utility discount if they started rebuilding within 12 months of the quake and within 10 blocks of their original location.
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