FORT WAYNE, Ind. (WOWO): The Fort Wayne City Councilman behind a proposal to get rid of the personal property tax businesses pay on new equipment says the backlash over it has no factual basis.

Jason Arp told the News-Sentinel he wasn’t surprised by the negative feedback the City Council got Tuesday night, including representatives from the Allen County Public Library and Fort Wayne Community Schools, who say they’ll lose millions of dollars, but adds they’re reacting out of fear.

Arp says if his proposal passes, the reduction of taxes would end up boosting the local economy, and thus leading to more tax money coming in. He says the tax cut is needed to give businesses a “level playing field.”

The Council will hold another public hearing on the bill next Tuesday.