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L.A. council to vote on business tax break

August 6, 2010 10:07:34 AM PDT
A proposal that would give a tax break to any new business opening in Los Angeles will be voted on by the city council on Friday.The measure would exempt new businesses from paying the city's gross receipts tax for three years.

Mayor Antonio Villaraigosa's office said the tax break could potentially create 55,000 jobs.

Some city council members said existing businesses might see the tax holiday as being unfair to them and move out of the city.