Cllr Stephens's plan maintains the current LCTS framework, which helps people with up to 75 per cent of their tax bills, apart from 'six small changes'.
Cllr Phil Jordan is due to present the statement to County Hall's 39-member Full Council at 6pm this evening (Wednesday).
Matthew Price submitted a motion calling on the Isle of Wight Council to support small businesses and ask Westminster for assistance.
A former popular Isle of Wight chocolate shop building could once again be used for retail purposes.
Mr M. Pennells of Pennells Developments Ltd gained prior approval to convert the first and second floors of 17 High Street in Shanklin.
Full Council, a meeting of all 39 councillors, will vote on a 157-page management plan for the Island's National Landscape.
Cllr Ed Blake, who represents Ventnor and St Lawrence on the Isle of Wight Council, tabled his plea for 'proactive action'.
Simon Long submitted a planning application for a green cladded barn and a new private road, described as a 'critical investment' for a farm near Newport.
Councillors Warren Drew and Geoff Brodie voiced unease over the prospect of Islanders voting for a mayor, akin to those elected in combined authorities.
