Title
Adding a Chapter 19-4300 to The Philadelphia Code, entitled "Tax Benefits for New Megabusinesses," by providing an incentive for a New Megabusiness that chooses to locate in the City of Philadelphia by reducing the Business Net Income Tax rate to zero, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Title 19 of The Philadelphia Code is hereby amended to read as follows:
TITLE 19. FINANCE, TAXES AND COLLECTIONS.
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CHAPTER 19-4300. TAX BENEFITS FOR NEW MEGABUSINESSES.
ยง 19-4301. Definitions. For purposes of this Chapter, the following definitions apply:
(1) "Department" shall mean the Revenue Department.
(2) "Full-Time Employee" shall mean an employee who has on average at least thirty-seven and one-half (37.5) hours of service per week during the calendar month.
(3) "New Megabusiness" shall mean a New Business as defined in this Section which is unanimously certified as a New Megabusiness by the President of Philadelphia City Council, the Philadelphia Director of Commerce, and the President of the Philadelphia Industrial Development Corporation, in that it realistically offers the prospect of:
(a) Creating fifty thousand (50,000) new full-time jobs in the City of
Philadelphia;
and
(b) Capital investment of 5 Billion Dollars ($5,000,000,000) in new construction in the City of Philadelphia.
(4) "New Business" shall mean any business that is subject to the business income and receipts tax under Section 19-2603, but that was not subject to the business income and receipts tax under Section 19-2603 during the previous five (5) Tax Years.
(a) An existing business that is not subject to business income and receipts tax under Section 19-2603 because it is not currently engaged in business within the City of Philadelphia is eligible to qualify as a New Business upon engaging in such bus...
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