Title
Amending Chapter 19-1100 of The Philadelphia Code ("Personal Property Taxes") by deleting all existing Sections and replacing them with an annual tax on certain intangible personal property, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 19-1100 of The Philadelphia Code is hereby deleted in its entirety and replaced with the following:
CHAPTER 1100. PERSONAL PROPERTY TAXES
? 19-1101. Imposition and Rate of Tax.
(1) A tax is hereby imposed on the value of intangible personal property above such property valued at $100,000 owned by a natural person resident in the City of Philadelphia.
(2) Intangible personal property means all personal property which is not in itself intrinsically valuable, but which derives its chief value from that which it represents, including, but not limited to, the following:
(a) All stocks or shares of incorporated or unincorporated companies, business trusts, and mutual funds.
(b) All notes, bonds, and other obligations for the payment of money, and
(c) All comparable financial instruments, whether or not publicly traded.
(3) Intangible personal property does not include:
(a) Public loans issued by this Commonwealth or the United States, and public loans and obligations of any county, city, borough, town, township, school district and incorporated district of this Commonwealth and bonds Obligations of bodies corporate and public of this Commonwealth known as municipal authorities.
(b) Savings deposits, checking accounts, and savings certificates issued by any private bank, building and loan association, savings and loan association, credit union, savings bank, bank and trust company or trust company.
(c) Tax qualified retirement accounts such as 401(k) or IRAs.
(d) College and career savings accounts such as 529s.
(e) Shares or other indicia of own...
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