Join the Government & Fiscal Affairs Council to discuss and shape the Chamber's position on ballot measures.
At the state level, we'll discuss Proposition 5, a proposal to allow certain property owners to transfer their property tax base to a new property. Current state law only allows for the transfer within counties that have reciprocity agreements. If passed, Proposition 5 would allow seniors 55 and older to transfer their property tax anywhere in the state, which could impact the housing market and municipal budgets in a variety of ways.
At the city level, Los Angeles will have the opportunity to vote in the November elections on a ballot measure regarding the creation of a City of Los Angeles Municipal Bank with the stated purpose of providing services to residents, reinvesting in the City to support the development of affordable housing and local infrastructure, and banking solutions for other local businesses that are not currently served by the commercial banking industry.
Continuing on our cannabis work from last month, the Council will review our draft engagement and advocacy principles and discuss four state bills: AB 2641 (Wood), which deals with the permitting of special events; AB 1863 (Jones-Sawyer), which will allow cannabis businesses to be taxed in the same manner as businesses in other industries for the purpose of state taxes; AB 2980 (Gipson), which seeks to allow licenses to maximize the use of available locations, reduce overhead costs for small cannabis businesses and allow the City of Los Angeles to implement an integral component of its social equity program; and SB 930 (Hertzberg), which allows cannabis-related businesses to open accounts and deposit income in banks.