City of Philadelphia - File #: 120855

• File #: 120855
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 10/25/2012
• In control: Committee on Commerce & Economic Development
• Final action: 11/29/2012
• Title: Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," by revising the total amount of all tax credits available in any year for new job creation, under certain terms and conditions.
• Sponsors: Councilmember Goode
• Indexes: BUSINESS PRIVILEGE TAX
• Code sections: 19-2600 - Business Privilege Tax

Date	Ver.	Action By	Action	Result	Tally
12/11/2012	0	MAYOR	SIGNED
11/29/2012	0	CITY COUNCIL	READ AND PASSED	Pass	14:0
11/15/2012	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
11/15/2012	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
11/15/2012	0	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
11/14/2012	0	Committee on Commerce & Economic Development	HEARING NOTICES SENT
11/14/2012	0	Committee on Commerce & Economic Development	HEARING HELD
11/14/2012	0	Committee on Commerce & Economic Development	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
10/25/2012	0	CITY COUNCIL	Introduced and Referred	Pass

Title

Amending Chapter 19-2600 of The Philadelphia Code, entitled “Business Income and Receipts Taxes,” by revising the total amount of all tax credits available in any year for new job creation, 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 INCOME AND RECEIPTS TAXES.

*      *      *

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

*      *      *

      (7)      Credit for New Job Creation.

*      *      *

            (d)      Tax Credits.

*      *      *

      (5)      Maximum. The total amount of all tax credits  available in  any year for commitment under subsection (7)(c)(3) shall not exceed  [1%] 2% of all revenues collected by the City through the gross receipts and net income components of the business income and receipts tax during the previous tax year.

*      *      *

      SECTION 2.        This Ordinance shall take effect beginning with Tax Year 2013.

________________________

Explanation:

[Brackets] indicate matter deleted.

Italics indicate new matter added.

End

2