In abrupt turnabout, Mayor Karen Bass withdraws her bill to overhaul L.A.'s mansion tax

"Los Angeles Mayor Karen Bass' bid to rewrite the city's voter approved "mansion tax" fell apart on Thursday, with Bass and her allies pulling the state bill hours before its first critical vote. Bass had worked with Sacramento legislators to draft a last-minute overhaul of Measure ULA, a tax hike on L.A. property sales above $5.3 million, preparing a bill that would reduce taxes charged on the sale of recently built apartment buildings, shopping centers and warehouses."

"Because the bill was submitted late in this year's legislative session, lawmakers were no longer permitted to make technical fixes that "got missed" during the drafting of the bill, said former State Assembly Speaker Bob Hertzberg, who was tapped by Bass to hammer out the details of the ULA overhaul. "No more changes can be made," he said. "So she'll make them in January and get the law into effect immediately thereafter. She's still committed to it.""

Mayor Karen Bass pulled a late-filed state bill aimed at overhauling Measure ULA, the tax on Los Angeles property sales above $5.3 million. The draft targeted reduced taxes on sales of recently built apartment buildings, shopping centers and warehouses. The bill was set for a local government committee hearing but was withdrawn because the legislative session timing prevented needed technical fixes. Former Assembly Speaker Bob Hertzberg, who helped draft the proposal, said further amendments will be made and the measure will be reintroduced in January. Supporters and opponents reacted strongly to the withdrawal and proposed changes.

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