City of Philadelphia - File #: 080212

• File #: 080212
• Version: 0
• Type: Bill
• Status: LAPSED
• File created: 2/28/2008
• In control: Committee on Housing, Neighborhood Development and The Homeless
• Title: Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," by amending Section 19-2604, entitled "Tax Rates, Credits, and Alternative Tax Computation," by providing an affordable housing tax credit for losses incurred in providing affordable housing, under certain terms and conditions.
• Sponsors: Councilmember Clarke, Councilmember DiCicco, Councilmember Blackwell, Councilmember Jones, Councilmember Reynolds Brown, Councilmember Green, Councilmember Miller, Councilmember Greenlee, Councilmember Sanchez
• 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
2/28/2008	0	CITY COUNCIL	Referred
2/28/2008	0	CITY COUNCIL	Introduced	Pass

Title
Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," by amending Section 19-2604, entitled "Tax Rates, Credits, and Alternative Tax Computation," by providing an affordable housing tax credit for losses incurred in providing affordable housing, 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.

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

* * *

(9) Affordable Housing Tax Credit.

(a) Definitions: For purposes of this subsection, the following definitions shall apply:

(.1) Affordable Dwelling Unit. As defined in Section 7-102 of this Code.

(.2) Substantial Renovation. A structural modification that alters more than 50% of a building's gross floor area.

(b) Eligibility. Any business that constructs affordable dwelling units for sale or rental or substantially renovates a building to create affordable dwelling units for sale or rental shall be eligible to apply for an Affordable Housing Tax Credit.

(c) Application. A business seeking an Affordable Housing Tax Credit shall file an Affordable Housing Tax Credit Application with the Revenue Department, on a form prepared by the Revenue Department, that includes the following:

(.1) The total number of affordable dwelling units;

(.2) The location of the affordable dwelling units;

(.3) Proof that the applicant has obtained all required permits and approvals for the construction of the affordable dwelling units or for the substantial renovation of the building creating such units;

(.4) The approved plans, which shall be attached to the application; and

(.5) Such other information as the Revenue Department may require.

(d) Commitment Letter. The Revenue Department shall approve ...