In potentially great news for Los Angeles, Mayor Antonio Villaraigosa has proposed a 3 year tax holiday for new businesses that move to or launch in the city of Los Angeles.

After seeing the success of the city’s local enterprise zone, Villaraigosa suggested that the new policy would help increase overall revenues for the city.

So what do the experts think about the policy? “The new policy will lead to the creation of up to 55,000 jobs and generate additional revenue for the city of Los Angeles,” said Charles Swenson, a USC professor who conducted research specifically for the initiative. “In addition, the multiplier effect of additional economic activity in the city nets a positive revenue impact.”

This announcement was posted by the LA Business Journal, you can read the full article by clicking here.