At Chester City Council yesterday, we learned one of the main reasons we haven’t seen any significant new businesses popping up in the city for the past 6 years. Our business taxes are too high. According to our Chief Financial Officer…
Nichols said that in the past discussions with chain and name-brand businesses have stalled because of the business-privilege tax.
Now that the business tax cut is approved, all hands are on deck to get out there and rope in some new businesses, as our Chief Financial Officer explains…
“We’re ready to enhance economic development in the city of Chester,” Nichols said, regarding the lowering of the business-privilege tax. “We want to attract more businesses here so that we can have job creation and also give our residents what they need and deserve.”
If tax cuts aren’t enough, the Chief Financial Officer suggests even more may be done to attract business – without giving any details…
“We have to look at incentives to drive businesses here, which in turn will drive more revenues, job creation and things of that nature,” he said.
On the flip side, Council didn’t want to raise the taxes for city residents, but did it anyway.
“Raising the earned-income tax was something that council didn’t necessarily want to do. We deliberated about it, but we know the significant impact it will have on the budget for us to recover,” said Nafis Nichols, the councilman-turned-chief financial office for the city.
I guess the financial recovery plan is for the residents to carry the city through to recovery while we hold on and wait for results from the new push to attract new businesses to help share the burden.
As president-elect Trump would say, ‘What do you have to lose?”