INFO ALERT: 50,000 LA County business owners to get a combined $3.2 million in tax relief

Did you hear about this tax break for small businesses?

Personal property assessments having a full value of $5,000 or less will now be exempt from property taxation in LA County. The Los Angeles County Board of Supervisors approved the proposal, which was initiated byLA County Assessor Jeffrey Prang along with the LA County Department of Consumer and Business Affairs, at its meeting on July 19.

Key Highlights

• The Office of the Assessor was previously required to assess the value of business personal property worth more than $2,000, but the threshold is now $5,000
• The threshold will be raised for all personal property, beginning with the January 1, 2017 lien date
• The overall tax relief is expected to be about $3,250,000, benefitting approximately 50,000 business owners

Click here for the full report

The tax exemption is part of the County’s Small Business Initiative (SBI), which is a five-year Countywide initiative (through 2021) designed to help small businesses succeed. BizFed has been an active stakeholder over the past year to shape the SBI, which includes components such as:

• Low-interest loans through the Community Development Commission;
• Workplace development and layoff aversion assistance through the Department of Community and Senior Services;
• Assistance in applying for County procurement contracts through DCBA, and more.

Click here for the L.A. County Small Business Resource Guide, a 32-page handbook published by the LA County Department of Consumer and Business Affairs filled with County programs and opportunities.

For more information about the SBI, contact Brandon Matson atBrandon.Matson@BizFed.org.