PHILADELPHIA-A bill that would enhance incentives in order to attract or retain business in the city cleared a key committee.
The bill moved out of committee on Wednesday and could come to a vote in the next few months.
The legislation sponsored by Councilman Bill Green, would eliminate the net income portion of the Business Income and Receipts Tax in exchange for increasing the gross receipts tax–a move the councilman believes levels the playing field for all Philadelphia-based businesses. The bill passed out of committee yesterday by a 6-2 vote, according to The Inquirer.
Green, chairman of the Committee on Finance, said his proposal encourages competition and will create jobs and incentives for business owners to stay in the city. See story in The Inquirer.
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