By Tripepi Smith
Editor’s Note:Tripepi Smith is a marketing, technology, and public affairs company that has contracts with many city governments.
The residents of Paramount have voted to approve Measure LR: Paramount City Services, Business License Tax Update Measure during the recent November 2024 general election. This measure will not raise taxes on residents but rather updates the current business license tax structure to create a balance of taxes between large and small businesses.
According to the Los Angeles County Registrar-Recorder’s website, Measure LR received 9,520 yes votes (or 77.07%) and 2,833 no votes (or 22.93%).
The updated tax rate structure, based on gross receipts, will take effect on Jan. 1, 2025. Under the new system, more than 75% of small businesses will pay a lower tax rate. Larger businesses will see an increase based on their higher gross receipts.
“We appreciate all businesses that have chosen Paramount as their home,” said City Manager John Moreno. “The passing of this measure will help small businesses thrive while also securing the necessary funding to maintain the quality of life our residents expect.”
Some of the essential city services that residents rely on daily include public safety resources, 911 response, gang prevention, and keeping parks and public places safe and clean. Currently, some of these services are funded by business license taxes that go directly into Paramount’s General Fund. Measure LR allows the city to continue refining its revenue collection to ensure fairness and sustainable funding for these critical services.
For a detailed breakdown of the new tax categories and rates, visit ParamountCityMeasureLR.com.
