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Amending subsection 19-2604(6) of The Philadelphia Code, entitled "Credit for Contributions to Community Development Corporations, Nonprofit Organizations Engaged in Developing and Implementing Healthy Food Initiatives and Nonprofit Intermediaries," under which businesses may enter into agreements to make contributions to community development corporations and certain other organizations to receive tax credits, by expanding eligibility for recipients of such funds and the uses to which such funds may be used; and which taxes that are used for this tax credit program, and increasing the number of businesses to which the credit shall be made available; and providing the option for a commensurate grant program; all under certain terms and conditions.
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THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Section 19-2604 of The Philadelphia Code is hereby amended to read as follows:
TITLE 19. FINANCE, TAXES AND COLLECTIONS
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CHAPTER 19-2600. BUSINESS INCOME AND RECEIPTS TAXES
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?19-2604. Tax Rates, Credits, and Alternative Tax Computation.
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(6) Credit for Contributions to Community Development Corporations, Nonprofit Organizations Engaged in Developing and Implementing Healthy Food Initiatives and Nonprofit Intermediaries.
(a) Definitions. For purposes of this subsection, the following definitions shall apply:
(.1) Community Capacity Building. Activities that nonprofit organizations conduct to support the tasks and functions needed to achieve their mission.
[(.1)](.2) Qualifying CDC. A [community development corporation undertaking economic development activities] not-for-profit organization incorporated under Pennsylvania law to provide programs, offer services and engage in activities that promote and support community development within the City of Philadelphia. Qualifying CDCs can be involved in a variety of activities including but not limited to economic development, community organizi...
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