Title
Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," to provide for a tax credit to surety companies that provide construction surety bonds to Disadvantaged Business Enterprises, 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.
* * *
ยง 19-2604. Tax Rates, Credits, and Alternative Tax Computation.
* * *
(10) Credit for Surety Bonds Provided to Disadvantaged Business Enterprises.
(a) Definitions.
(i) Disadvantaged Business Enterprise or "DBE" shall mean any Small Business Enterprise:
(.1) Which is at least 51 percent (51%) owned and controlled by one or more socially and economically disadvantaged individuals; or
(.2) In the case of any publicly owned business, one in which at least 51 percent (51%) of the stock is owned by one or more socially and economically disadvantaged individuals; provided, however, that any such business that has received more than ten million dollars ($10,000,000.00) in three consecutive years of contract work from the City shall not be considered a DBE.
(ii) Qualified Surety Company shall mean any company licensed by the Commonwealth of Pennsylvania to write construction surety bonds.
(iii) Small Business Enterprise shall mean a business which is independently owned and operated and which is not dominant in its field of operation, as further defined in the Small Business Size Regulations adopted by the U.S. Small Business Administration.
(iv) Socially and Economically Disadvantaged Individuals shall mean those who have either been subjected to racial, sexual or ethnic prejudice because of their identity as a member of a group or to differential treatment because of their disability without regard to their individual qualities, and wh...
Click here for full text