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Tax Revenues

November 9, 2011 | By John Hoeffel, Los Angeles Times
As pressure to end Los Angeles' business tax increases, top city officials warned Tuesday that City Hall cannot afford to lose the revenue when it faces a potential budget deficit of up to $250 million. Business leaders have called for a phaseout of the city's tax on gross receipts, arguing the move would spur companies to expand and encourage others to move to L.A., eventually increasing revenue from other types of taxes. The city's taxes are among the highest in Los Angeles County.
October 6, 1987 | DOUGLAS SHUIT, Times Staff Writer
California taxpayers, already in line to receive a $1.1-billion tax rebate this year, could receive another $428 million next year because of higher than expected tax revenues, a state fiscal advisory commission said Monday. The Commission on State Finance, in its quarterly report on tax revenues and expenditures, said tax revenues are currently running $473 million higher than previously expected by the Deukmejian Administration for the budget year ending in June, 1988.
May 24, 2008 | Jason Song
The city filed for bankruptcy protection Friday after administrators were unable to sufficiently trim a nearly $17-million shortfall. The Bay Area city, with a population of about 120,000, had been bracing for the possibility since February as tax revenues fell and employee costs remained high. Eighty percent of the city's budget goes to police and firefighters, far above the norm for most California cities. "I had hoped that even at the 11th hour and 59th minute we could come up with an alternative," Vallejo Mayor Osby Davis said.
June 13, 1985
The City Council will consider approval of a $15.2-million budget for fiscal 1985-86 on June 27. As proposed, the budget represents a 9% increase from the current $13.8-million budget and allows for a $500,000 increase in reserves, now at $2.5 million. During the past year, sales tax revenues increased by 16%, to $10.5 million, adding $1.5 million to reserves. Included in the budget increase is a 4.
January 23, 2011 | By Kenneth R. Harney
Are you worried about the mortgage interest deduction going away? After all, it's a high-profile, high-cost target for federal budget cutters ? and was prominently featured in the report of the presidential deficit-reduction commission late last year. Reformers have been trying to kill or at least clamp a ceiling on these write-offs for decades. But here's an intriguing twist that has just emerged on Capitol Hill and that might bring some encouragement to homeowners, realty agents and builders who strongly oppose any cutbacks in tax benefits.
October 3, 1985 | JUAN ARANCIBIA, Times Staff Writer
Eight developers paraded their dreams in front of the City Council this week, each with the hope of becoming surgeon for the face lift of a blighted area. City officials are perusing the proposals for redevelopment of a 20-acre site along the San Diego Freeway at Rosecrans Boulevard that they hope will bring the city added revenue and become a landmark in the South Bay. The council on Monday voted 4 to 0 to hire a consulting firm to evaluate the proposals.
Beginning in January, state law will allocate tax revenues generated by automobile leases to the municipalities where each deal is cut. Gov. Pete Wilson this week signed a bill changing existing rules so that the tax revenue from a leased automobile no longer will be divided by municipalities throughout the county where the person leasing a car lives.
April 9, 1992 | GEBE MARTINEZ
More than $1 million in property tax revenues is expected to be withheld from the Orange County Sanitation Districts during the next three years because of overpayments to them by the Santa Ana Redevelopment Agency, officials said Tuesday. The Redevelopment Commission voted Tuesday to recover tax revenues it lost because of miscalculations during the past four years. The commission's recommendation will go to the City Council, in its capacity as the Redevelopment Agency, for a vote in two weeks.
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