Title
Amending Section 19-2604 of The Philadelphia Code, relating to tax rates and credits for the business privilege tax, by amending the provisions providing a credit for contributions to community development corporations to add certain nonprofit intermediaries as eligible recipients of contributions, 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:
ยง19-2604. Tax Rates, Credits, and Alternative Tax Computation.
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(6) Credit for Contributions to Community Development Corporations and Nonprofit Intermediaries.
(a) Definitions. For purposes of this subsection, the following definitions shall apply:
(.1) Qualifying CDC. A community development corporation undertaking economic development activities within the City of Philadelphia.
(.2) Qualifying Nonprofit Intermediary. A nonprofit organization with an established record of providing financial, technical, policy or related assistance to community development corporations undertaking neighborhood economic development activities within the City of Philadelphia.
(.3) Qualifying Organization. A Qualifying CDC or Qualifying Nonprofit Intermediary.
(b) Subject to the provisions of subsection (6)(f), a business shall receive a tax credit of $100,000 per year against business privilege tax liability for each year the business contributes $100,000 in cash to a Qualifying [CDC] Organization under the terms and conditions of this subsection (6).
(c) Subject to the provisions of subsection (6)(f), the tax credit under this subsection (6) shall be available to up to thirty (30) businesses that enter into a contribution agreement with the City under which the business agrees to contribute $100,000 in cash per year for ten consecutive years to a Qualifying [CDC] Organization designated by the business. No tax credit shall be given for an...
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