Borough assembly members approved the first reading of an ordinance raising the cost of municipal business licenses and removing a provision for quarterly sales tax return compensation.

Licenses have cost $10 since 1996 but will now cost $50. Businesses will no longer deduct between $10 and $100 each quarter from their sales tax returns, as it results in a loss for the municipality.

The change was first discussed by the finance committee and later by civic affairs.

Assemblyman Tim Cochran said $100 was originally entertained, so $50 is a happy medium.

The ordinance was unanimously approved and should it pass a second reading, will go into effect on Jan. 1, 2017.