City Council members Bill Green and Maria Quiñones Sánchez joined Mayor Nutter and business leaders Wednesday to declare a truce and commit to a compromise tax bill by February.

Green and Sánchez shelved their bill to alter the city's business tax structure. Currently the city taxes companies on sales and profits, with a focus on profits, or net income.

Green and Sánchez wanted instead to do away with the net income tax and make up the difference by nearly quadrupling the gross receipts tax. They argued it would result in a dramatic shift in the tax burden to companies outside Philadelphia. Nutter, City Controller Alan Butkovitz, and the Chamber of Commerce opposed the measure, but not all of its ideas. The Council members pushed for a committee vote before year's end, but canceled a scheduled hearing Wednesday and announced their willingness to work with Nutter.

Nutter said he would work with Council on legislation to exempt small businesses from taxes and close loopholes that favor out-of-town companies and hurt city-based businesses.    - Jeff Shields