Title
Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," by providing for certain exclusions and deferrals relating to businesses distressed as a result of nearby public works projects, 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 INCOME AND RECEIPTS TAXES.
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ยง 19-2604. Tax Rates, Credits, and Alternative Tax Computation.
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(15) Distressed Business Tax Credit.
(a) Definitions.
(i) Distressed Business. A business that meets the eligibility criteria set forth under subsection (15)(b).
(ii) Lost Net Income and Sales/Receipts. The reduction between the net income and sales/receipts of a distressed business at the location where and in the tax year in which the business obstruction occurred, and the average net income and sales/receipts of the distressed business in the two preceding tax years.
(iii) Public Works Project. A publicly-funded construction project undertaken by the United States, the Commonwealth of Pennsylvania, the City, or other governmental or quasi-governmental agency, for the benefit or use of the general public. For purposes of this definition, "other governmental or quasi-governmental agency" shall include the Delaware River Port Authority and the Southeastern Pennsylvania Transportation Authority.
(b) Eligibility. This subsection (15) shall only apply to businesses that meet all of the following criteria:
(i) Proximity. The business must be within 100 feet of the site of a public works project.
(ii) Business obstruction. For at least thirty (30) days, the public works project must substantially obstruct customer access to the place of business, or substantially obscure the place of business such that the existence of the place of business or the...
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