Title
Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," by readopting and clarifying a pilot program under which a credit against business privilege taxes will be given to certain businesses that contribute monies to community development corporations undertaking economic development activities within the City of Philadelphia; all under certain terms and conditions.
Body
WHEREAS, the Council established, by Bill No. 010541 (approved November 14, 2001), a pilot program under which a credit against business privilege taxes will be given to certain businesses that contribute monies to certain community development corporations undertaking economic development activities, set forth in a new subsection (6) of Section 19-2604 of The Philadelphia Code; and
WHEREAS, Bill No. 020030 (approved April 23, 2002), which repealed and restated Section 19-2604, was intended only to restate certain rates of taxation and other matters in a more easily readable form, and to enact new rates of taxation for tax years 2003 and thereafter; and
WHEREAS, Bill No. 020030 inadvertently repealed subsection (6) of Section 19-2604; and
WHEREAS, Council wishes to reaffirm its intent to establish a pilot program under which a credit against business privilege taxes will be given to certain businesses that contribute monies to certain community development corporations undertaking economic development activities; now, therefore,
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.
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(6) Credit for Contributions to Community Development Corporations; Pilot Program.
(a) Definitions. For purposes of this subsection, the following definitions shall apply:
(.1) Qualifying CDC. A community development corpor...
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