The Nutter administration backs the measure. Revenue Commissioner Keith Richardson testified at a Finance Committee hearing last week that two investment funds were interested in operating in the city, home to at least three other investment funds.
Should investment funds - which invest money in various companies - make the move to Philly, the city would collect wage and other taxes.
"You're going to have high-income employees working for the company," Richardson said last week. "You're going to have not just the business owners, the employees, but you're going to have individuals who may be wanting to invest in the various funds coming to Philadelphia."
Is this bill giving special treatment to a specific entity?
"No, last year we helped everyone who sells goods," said Green. "We really need to eliminate all business taxes. If we continue with the current tax structure, we'll collapse from our own weight."
Last year, Council approved a bill sponsored by Green and Maria Quinones-Sanchez that granted all businesses tax relief by exempting the first $100,000 from the gross-receipts and net-income portions of the business-privilege tax. City-based businesses will pay only the net income tax on revenue sales inside the city, and both parts of that bill will be phased in over three years.
Tax-policy advocate Brett Mandel said that the current tax structure is a mess and that the "city needs to be more welcoming to everybody."
He said Green is trying to make Philly attractive to investment funds.
"I understand the political pitfalls of being helpful to specific [groups], but I understand you have to do something," Mandel said, adding that he wasn't sure if the bill violates state rules that say taxes must be uniform.
City Council will vote on the bill Thursday.
Contact Jan Ransom at 215-854-5218 or Ransomj@phillynews.com.