Los Angeles approves business tax break

Backers say the measure, for new, large firms, could create 55,000 jobs. The council also took steps to lure a Chinese car maker and Eli Broad's proposed museum.

The Los Angeles City Council approved a series of initiatives Friday aimed at invigorating the city's stagnant economy, offering a tax break for new, large businesses and taking steps to lure a Chinese car maker and a museum planned by billionaire Eli Broad.