PHILADELPHIA (CBS) – City Council members will hunker down the week after Thanksgiving to talk turkey and debate a controversial plan that would overhaul Philadelphia’s business tax structure.
City Council has now scheduled November 30th for what could be a lengthy hearing on a tax reform idea proposed by members Maria Quinones Sanchez and Bill Green. The plan would phase out the portion of the business tax which taxes profits and boost the portion that taxes gross receipts.
Green told colleagues during a recent council caucus that this tax shift would most affect companies that are not based in the city:
“This shift will bring $160 million from them and reduce the tax burden on Philadelphia businesses by an equivalent amount.”
The Chamber of Commerce says it is still studying the proposal and is waiting for more information from Council. Mayor Nutter says his administration is in discussions with Green and Sanchez about the idea:
“We’re taking it very seriously. We continue to work with the council members involved and we’ll see where it goes.”
Reported by: Mike Dunn, KYW Newsradio