City of Philadelphia - File #: 040608

• File #: 040608
• Version: 1
• Type: Bill
• Status: LAPSED
• File created: 5/27/2004
• In control: Committee of the Whole
• Final action: 7/1/2004
• Title: Amending Section 19-2604 of The Philadelphia Code, relating to tax rates, credits and alternative tax computation for the business privilege tax, by reducing certain tax rates; all under certain terms and conditions.
• Sponsors: Councilmember Nutter, Councilmember Tasco, Councilmember DiCicco, Councilmember Kenney, Councilmember Goode, Councilmember Krajewski, Councilmember O'Neill, Councilmember Kelly, Councilmember Rizzo, Council President Verna
• Code sections: 19-2604 - Tax Rates, Credits, and Alternative Computation

Date	Ver.	Action By	Action	Result	Tally
7/1/2004	1	MAYOR	VETOED
7/1/2004	1	CITY COUNCIL	RECONSIDERED
7/1/2004	1	CITY COUNCIL	FAILED	Pass	11:6
6/21/2004	1	CITY COUNCIL	READ
6/21/2004	1	CITY COUNCIL	PASSED	Pass	11:6
6/10/2004	0	Committee of the Whole	HEARING NOTICES SENT
6/10/2004	0	Committee of the Whole	HEARING HELD
6/10/2004	0	Committee of the Whole	HEARING HELD
6/10/2004	0	Committee of the Whole	AMENDED
6/10/2004	1	Committee of the Whole	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
6/10/2004	1	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
6/10/2004	1	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
6/10/2004	1	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
6/8/2004	0	Committee of the Whole	HEARING HELD
6/8/2004	0	Committee of the Whole	RECESSED
6/7/2004	0	Committee of the Whole	HEARING NOTICES SENT
6/7/2004	0	Committee of the Whole	RECESSED
6/7/2004	0	Committee of the Whole	HEARING HELD
5/27/2004	0	CITY COUNCIL	Referred
5/27/2004	0	CITY COUNCIL	Introduced	Pass

Title
Amending Section 19-2604 of The Philadelphia Code, relating to tax rates, credits and alternative tax computation for the business privilege tax, by reducing certain tax rates; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Section 19-2604 of The Philadelphia Code is hereby amended to read as follows:

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

(1) Every business shall pay an annual tax on each dollar of annual receipts at the millage rate shown in the second column of the following chart ("Receipts rate in mills"), and an annual tax on net income at the percentage rate shown in the third column ("Net income rate %"), except that a regulated industry shall only pay an annual tax on each dollar of annual receipts at the millage rate shown in the second column, and in an amount not to exceed the percentage of net income shown in the third column:

Tax year (s)
Receipts rate in mills
Net income rate %
* * *
2002
2.40 mills
6.50%
2003
2.30 mills
6.50%
2004
2.10 mills
6.50%
2005
1.90 mills
6.50%
2006
1.75 mills
[6.50%] 6.10%
2007
1.625 mills
[6.50%] 5.65%
2008 [and thereafter]
1.50 mills
[6.50%] 5.20%
2009
1.30 mills
4.65%
2010
1.137 mills
4.07%
2011
0.974 mills
3.49%
2012
0.811 mills
2.91%
2013
0.648 mills
2.33%
2014
0.485 mills
1.75%
2015
0.322 mills
1.17%
2016
0.159 mills
0.59%
2017 and thereafter
0.0 mills
0.0%

(2) The annual tax to be paid by any person registered under the Act of December 5, 1972 (P.L. 1280, No. 284), known as the Pennsylvania Securities Act of 1972, shall in no event be less than the sum of: (a) the millage rate shown in the second column of the following chart ("Rate 1 in mills"), multiplied by the person's taxable receipts without regard to the exclusion from receipts as defined in paragraph (8) of the definition of "receipts" in §19-2601; plu...