again, mr. egan will explain that why it's necessary to calculate the base year payroll tax with the phase-in and exempting. so if i could give this to victor. with that i would either ask that you go to the budget legislative analyst or to ted egan. >> why don't we go to mr. egan first and then to the budget analyst. mr. egan. >> good morning, supervisors, ted egan, controller's office. the effect of this legislation will really be to bring the exclusion brand new in line with the way other payroll tax exclusions would be treated in the event that the gross receipts tax passes. effectively what that means is that the incentive will remain in place, which is to say businesses will be able to exclude growth in their payroll expense up to $250,000. through 2015. however, because the payroll tax rate will decline, as the payroll tax is phased out, the value of this incentive to businesses will decline at the same time. the amendment that miss stephanie refers to is one that changes the language on lines

mr. handler and what he had to go through in, when was that, dave, a year and a half already? >> about a year ago you're talking about when sean egant with the incendiary comments about a year or so ago. >> looks like it's going out at about double where it was at that point, but he's not really cashing in. and neither are shareholders because they'll be able to participate in any upside with leucadia. >> that's exactly right. as i understand it, joe, as well, there's overlap in the two shareholder bases, so the fairholm or a blackrock may have stake in both which is a positive. there's an opportunity to participate should you does to do so. carl icahn came in a year ago on the weakness as you described as a result of some of that controversy. >> are you in your jammies? >> no, i put on my suit so i could feel more official, not quite my suit. >> david, if you need more details, they're now on dealbook if -- he's been working seriously listening to all of this stuff. if you forgot anything you just said. >> i assume as well it was planning to be announced before the open of trading and i'm sure as a result of our reporting it at th