FORT WAYNE, Ind. (WOWO): The Fort Wayne City Council will be holding a public hearing on a controversial topic tonight.

The agenda for tonight’s meeting, which starts at 5:30pm in Citizens Square, includes a hearing on Councilman Jason Arp’s proposal to eliminate the personal property tax on new business equipment purchases.

Mayor Tom Henry was joined recently by county officials and the leaders of local school districts and nonprofits to oppose the plan, which he says could cause a total tax shortfall of $55-million per year county-wide.

Arp denies it’ll be that bad, and argues any shortfalls would be absorbed by expiring tax credits on existing projects.