Councilmembers Maria Quinones-Sanchez and Bill Green introduced business privilege tax reform legislation at Thursday. If passed despite some business-community opposition, the net income tax (6.45 percent) would be eliminated over a five-year period. The gross receipts tax would rise to .5 percent.
“There would be winners and losers in the short-term, but even the big-business short-term losers will be long-term winners if we can increase the amount of businesses operating in the city,” Sanchez said. “That’ll help everybody.”