Title
Amending Chapter 19-1500 of The Philadelphia Code, entitled Wage and Net Profits Tax, by providing for the calculation of the credit against net profits tax based upon net income tax liability, where a credit is received against net income tax for contributions to community development corporations undertaking 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 19-1500 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 19-1500. WAGE AND NET PROFITS TAX.
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§ 19-1506. Credits Against Tax.
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(1)
(a) The credit against net profits tax liability, provided under §19-2604(4), shall be calculated without regard to any reduction in tax provided under §19-2604(6), relating to Credit for Contributions to Community Development Corporations.
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SECTION 2. This Ordinance shall take effect immediately.
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Explanation:
[Brackets] indicate matter deleted.
Italics indicate new matter added.
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