Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:LA Mutual Fund Firms Get a Break Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, November 17, 2011

LA Mutual Fund Firms Get a Break

Reported by Sean Hanna, Editor in Chief

The dozen or so fund firms based in Los Angeles now have something more than sunny weather to celebrate: the are now exempt from the city's business tax.

The Los Angeles City Council voted 13-0 Wednesday to exempt mutual fund firms from the local levy. The tax break will be phased in over three years, reports the
  • Los Angeles Times. The paper added that the cut will cost the city $7.5 million (and presumably save mutual fund firms the same amount).

    Los Angeles is currently the only city in California to tax mutual funds. The current tax rate is $5.07 for every $1,000 in revenue.

    That hit "creates a disincentive for mutual funds to locate in Los Angeles, and could force funds and fund managers currently located here to move to an adjacent jurisdiction," the city's chief legislative analyst wrote in a report.

    Of the more than 700 mutual fund advisors, only 15 are based in Los Angeles. Those with more than $1 billion in assets are Capital Group's American Funds, Transamerica, DoubleLine, TCW, First Pacific Advisors (FPA Funds), Payden & Rygel, Hotchkiss & Wiley, and Causeway Capital. 

    Stay ahead of the news ... Sign up for our email alerts now
    CLICK HERE

  • 0.0
     Do You Recommend This Story?



    GO TO: MFWire
    Return to Top
     News Archives
    2024: Q2Q1
    2023: Q4Q3Q2Q1
    2022: Q4Q3Q2Q1
    2021: Q4Q3Q2Q1
    2020: Q4Q3Q2Q1
    2019: Q4Q3Q2Q1
    2018: Q4Q3Q2Q1
    2017: Q4Q3Q2Q1
    2016: Q4Q3Q2Q1
    2015: Q4Q3Q2Q1
    2014: Q4Q3Q2Q1
    2013: Q4Q3Q2Q1
    2012: Q4Q3Q2Q1
    2011: Q4Q3Q2Q1
    2010: Q4Q3Q2Q1
    2009: Q4Q3Q2Q1
    2008: Q4Q3Q2Q1
    2007: Q4Q3Q2Q1
    2006: Q4Q3Q2Q1
    2005: Q4Q3Q2Q1
    2004: Q4Q3Q2Q1
    2003: Q4Q3Q2Q1
    2002: Q4Q3Q2Q1
     Subscribe via RSS:
    Raw XML
    Add to My Yahoo!
    follow us in feedly




    ©All rights reserved to InvestmentWires, Inc. 1997-2024
    14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
    Privacy Policy :: Terms of Use