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Panel Seeks to Finalize Business Tax Reform

From Times Staff and Wire Reports

A City Council panel has asked that a reform package to cut business taxes by $95 million be drafted into ordinance form, but delayed moving most of the proposals to the full council so the committee can refine the measure next week.

The council’s Budget Committee agreed to schedule full council action for next week on a proposal to exempt bad debt from taxes, but asked for another week to finish a proposal to reduce taxes by 15% for firms that earn more than $100,000 annually.


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