Business Tax Battle.Last week, in the run-up to the release of his budget, L.A. Mayor Richard Riordan Richard J. Riordan (born May 1, 1930) is a Republican politician from California, U.S. who served as the California Secretary of Education from 2003–2005 and as Mayor of Los Angeles from 1993–2001. Riordan ran for Governor of California unsuccessfully in 2002. unveiled $10 million in business tax relief programs, to be funded with proceeds from a business tax amnesty Tax amnesty is a limited-time opportunity for a specified group of taxpayers to pay a defined amount, in exchange for forgiveness of a tax liability (including interest and penalties) relating to a previous tax period or periods and without fear of criminal prosecution. program. For those that have followed this issue, two of the measures Riordan proposed last week will sound familiar: eliminating taxes on revenue transfers between related companies or affiliates, and dedicating 75 percent of additional business tax revenue proceeds to business tax relief. The City Council has already approved these in concept; Riordan's coming on board thus virtually assures they will become law. However, all is not harmonious on the business-tax-reform front. City Council Budget Committee Chairman Mike Feuer, who is also a candidate for City Attorney, said that Riordan's proposal doesn't go far enough. Feuer said the elimination of the related company transfer tax should not be offset with business tax amnesty proceeds. "In my proposal that won Council approval, the (related) company transfers are covered with other funds, freeing up the amnesty amnesty (ăm`nəstē), in law, exemption from prosecution for criminal action. It signifies forgiveness and the forgetting of past actions. funds for other forms of business tax relief, including broader rate reductions," Feuer said. Such a difference might seem trivial TRIVIAL. Of small importance. It is a rule in equity that a demurrer will lie to a bill on the ground of the triviality of the matter in dispute, as being below the dignity of the court. 4 Bouv. Inst. n. 4237. See Hopk. R. 112; 4 John. Ch. 183; 4 Paige, 364. until one remembers that Feuer is locked in an incredibly tight runoff Runoff The procedure of printing the end-of-day prices for every stock on an exchange onto ticker tape. Notes: If the "tape is late" then it can take a long time to print off all the closing prices. race for City Attorney against Rocky Delgadilo, Riordan's deputy mayor for economic development and point man on the business tax issue. Feuer, of course, denies that his comments are in any way tied to the race. "I put my program out there long before the mayor endorsed Rocky," he said. Nonetheless, Feuer couldn't resist taking another shot at Delgadillo, noting that he wasn't up in Sacramento testifying in support of AB 63, Assemblyman as·sem·bly·man n. A man who is a member of a legislative assembly. assemblyman Noun pl -men a member of a legislative assembly Noun 1. Gil Cedillo's bill to allow cities to use state income tax files to track down business tax scofflaws. However, Riordan's budget deputy, Jennifer Roth, did fly up to Sacramento to testify To provide evidence as a witness, subject to an oath or affirmation, in order to establish a particular fact or set of facts. Court rules require witnesses to testify about the facts they know that are relevant to the determination of the outcome of the case. in favor of the bill, which cleared the Assembly Revenue and Taxation Committee on April 16 -- income tax filing deadline day -- on a unanimous bipartisan vote. |
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