City Council tomorrow will hold a hearing to review legislation that would radically change the way business taxes are levied in the city.
Council members Bill Green and Maria Quinones-Sanchez are proposing to do away with the city's current business tax structure, which has two parts -- the net income tax on a business' profits and and the gross reciepts tax on overall sales. They want to replace the current set-up with a higher gross receipts tax, which they argue would encourage more businesses to locate in the city.
Mayor Nutter and City Controller Alan Butkovitz have criticized the plan, saying it would cost the city money and penalize certain business sectors.
If you're playing catch up want a primer on the entire situation, check out this document from the nonpartisan good government group Committee of Seventy, which explains what's going on in a Q&A format and includes links to analysis from both sides.