header-left
File #: 041072    Version: 0 Name:
Type: Bill Status: ENACTED
File created: 12/9/2004 In control: Committee on Commerce & Economic Development
On agenda: 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
Attachments: 1. CertifiedCopy04107200.pdf
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.
 
***
      
      SECTION 2.  This Ordinance shall take effect immediately.  
 
 
______________________
Explanation:
 
[Brackets] indicate matter deleted.
Italics indicate new matter added.
End