Title
Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," by revising the number of businesses that may obtain a credit against business income and receipts taxes upon contributing to certain community development corporations or nonprofit intermediaries engaged in neighborhood economic development activities within the City of Philadelphia; all under certain terms and conditions.
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 INCOME AND RECEIPTS TAXES.
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ยง 19-2604. Tax Rates, Credits, and Alternative Tax Computation.
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(6) Credit for Contributions to Community Development Corporations and Nonprofit Intermediaries.
(a) Definitions. For purposes of this subsection, the following definitions shall apply:
(.1) Qualifying CDC. A community development corporation undertaking economic development activities within the City of Philadelphia.
(.2) Qualifying Nonprofit Intermediary. A nonprofit organization with an established record of providing financial, technical, policy or related assistance to community development corporations undertaking neighborhood economic development activities within the City of Philadelphia.
(.3) Qualifying Organization. A Qualifying CDC or Qualifying Nonprofit Intermediary.
(b) Subject to the provisions of subsection (6)(f), a business shall receive a tax credit of $85,000 per year against business income and receipts tax liability for each year the business contributes $85,000 in cash to a Qualifying Organization under the terms and conditions of this subsection (6).
(c) Subject to the provisions of subsection (6)(f), the tax credit under this subsection (6) shall be available to up to [thirty-five (35)] forty (40) businesses that enter into a contribution agreement with the City under which the bus...
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