Title
Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," by expanding the distressed business tax credit to include businesses impacted by COVID-19 restrictions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 19-2600 of The Philadelphia Code is amended to read as follows:
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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(15) Distressed Business Tax Credit.
(a) Definitions.
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(.4) COVID-19 Impacted Business. Any business that was in operation between March 15, 2020 through such time at which all COVID-19 restrictions were permanently terminated by the Governor, Mayor, or Health Commissioner, and subject to restrictions that limit hours of operation and/or customer capacity inside or outside the place of business.
(b) Eligibility. This subsection (15) shall only apply to businesses that meet [all of the following criteria] the below criteria in subsections (.1), (.2), and (.3) or subsections (.4), (.5), and (.6):
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(.4) COVID-19 Related Hardship. Any business impacted by COVID-19 restrictions as defined in section (15)(a)(.4) of this chapter.
(.5) Business Limitations. A business must suffer losses due to COVID-19 related restrictions implemented by the Mayor and/or Governor that limit hours of operation and/or number of customers that may access the place of business at any time during the period of March 15, 2020 through such time at which all COVID-19 restrictions were permanently terminated by the Governor, Mayor, or Health Commissioner.
(.6) Lost net income and sales/receipts. A business must suffer loss of net income in an amount that is at least ten percent (10%) of the business's total net income and loss of sales/receipts in the amount that is at least ten percent (10%) of the business's total sales/recei...
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