City of Philadelphia - File #: 140641

• File #: 140641
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 9/11/2014
• In control: Committee on Commerce & Economic Development
• Final action: 10/16/2014
• Title: Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," to revise the Credit for New Job Creation by changing the minimum wage requirement in the definition of "New Job"; and by providing an additional "Special Tax Credit Opportunity for Job Creation" in the form of a multi-year tax credit for certain new jobs created in 2015; all under certain terms and conditions.
• Sponsors: Councilmember Goode
• Indexes: BUSINESS INCOME AND RECEIPTS TAXES
• Code sections: 19-2600 - Business Income and Reciepts Tax

Date	Ver.	Action By	Action	Result	Tally
10/29/2014	0	MAYOR	SIGNED
10/16/2014	0	CITY COUNCIL	READ AND PASSED	Pass	17:0
10/9/2014	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
10/9/2014	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
10/9/2014	0	CITY COUNCIL	READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR
10/8/2014	0	Committee on Commerce & Economic Development	HEARING NOTICES SENT
10/8/2014	0	Committee on Commerce & Economic Development	HEARING HELD
10/8/2014	0	Committee on Commerce & Economic Development	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
9/11/2014	0	CITY COUNCIL	Introduced and Referred	Pass

Title
Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," to revise the Credit for New Job Creation by changing the minimum wage requirement in the definition of "New Job"; and by providing an additional "Special Tax Credit Opportunity for Job Creation" in the form of a multi-year tax credit for certain new jobs created in 2015; 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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§ 19-2604. Tax Rates, Credits, and Alternative Tax Computation.

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(7) Credit for New Job Creation.

(a) Definitions. For purposes of this subsection, the following definitions shall apply.

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(3) New Job. A full-time job, [the average hourly rate, excluding benefits, for which must be at least 150% of the federal minimum wage,] created within the City and County of Philadelphia by a company within five (5) years from the start date, the average hourly rate, excluding benefits, for which must be equal to at least the higher of:

(i) 150% of the federal minimum wage or

(ii) $12.00 multiplied by the CPI Multiplier. The CPI Multiplier shall be calculated annually by the Director of Finance, for wages to be provided on and after January 1 of each year by dividing the most recently published Consumer Price Index for all Urban Consumers (CPI-U) All Items Index, Philadelphia, Pennsylvania, by the most recently published CPI-U as of January 1, 2015.

Employment opportunities for Returning Citizens must be contracted for a minimum period of at least 180 days.

* * *

(d) Tax Credits.

(1) (i) Basic Maximum Amount. A business may claim a tax credit in an amount equal to two percent of the annual wages paid for each new job, or $1,000 per new job created (or $5,000 per new job c...