Title
Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," by decreasing the rates of the tax based upon gross receipts.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 19-2600 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 19-2600. BUSINESS PRIVILEGE TAXES
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ยง19-2604. Tax Rates, Credits, and Alternative Tax Computation.
(1) * * *
(k) Every regulated industry shall pay an annual tax for the tax years 2002 and thereafter at the rate of two and four tenths (2.4) mills on each dollar of annual receipts thereof, provided, however, that the amount payable shall not exceed six and one-half percent (6 1/2%) of its net income.
(2) * * *
(k) Every business other than regulated industries shall pay an annual tax for the tax years 2002 and thereafter at the rate of two and four tenths (2.4) mills on each dollar of annual receipts thereof, and six and one-half percent (6 1/2%) of its net income; provided, that the annual tax to be paid by any person registered under the Act of December 5, 1972 (P.L. 1280 No. 284), known as the Pennsylvania Securities Act of 1972, shall in no event be less than the sum of four and six tenths (4.6) mills on the person's taxable receipts without regard to the exclusion from receipts as defined in paragraph (8) of the definition of "receipts" in Section 19-2601 plus the lesser of:
(.1) two and three-tenths (2.3) mills on the person's taxable receipts without regard to the exclusion from receipts as defined in paragraph (8) of the definition of "receipts" in Section 19-2601, or
(.2) two and three-tenths percent (2.3%) of the person's net income without regard to the deduction as defined in subsection (a)(2)(v) of the definition of "net income" in Section 19-2601.
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(4) Alternative Receipts Tax Computation.
(a) * * *
(.11) A manufacturer, other than a regulated industry, subject to...
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