City of Philadelphia - File #: 041072

• File #: 041072
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 12/9/2004
• In control: Committee on Commerce & Economic Development
• Final action: 2/17/2005
• Title: Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," 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.
• Sponsors: Councilmember Goode
• Indexes: BUSINESS PRIVILEGE TAX
• Code sections: 19-2600 - Business Privilege Tax, 19-2604 - Tax Rates, Credits, and Alternative Computation

Date	Ver.	Action By	Action	Result	Tally
3/3/2005	0	MAYOR	SIGNED
2/17/2005	0	CITY COUNCIL	READ
2/17/2005	0	CITY COUNCIL	PASSED	Pass	15:0
2/3/2005	0	CITY COUNCIL	ORDERED PRINTED AND PLACED ON NEXT FIRST READING CALENDAR
1/27/2005	0	Committee on Commerce & Economic Development	HEARING NOTICES SENT
1/27/2005	0	Committee on Commerce & Economic Development	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
12/9/2004	0	CITY COUNCIL	Referred
12/9/2004	0	CITY COUNCIL	Introduced	Pass

Title

Amending Chapter 19-2600 of The Philadelphia Code, entitled “Business Privilege Taxes,” 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 19-2600 of The Philadelphia Code is hereby amended to read as follows:

CHAPTER 19-2600.  BUSINESS PRIVILEGE TAXES.

§ 19-2604.  Tax Rates, Credits, and Alternative Tax Calculation.

* * *

      (5)  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.

End