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File #: 140884    Version: 0 Name:
Type: Bill Status: ENACTED
File created: 11/13/2014 In control: Committee on Finance
On agenda: Final action: 12/11/2014
Title: Amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," by modifying the definition of "Net Income" with respect to distributions from S corporations; all under certain terms and conditions.
Sponsors: Councilmember Kenney
Indexes: SCHOOL TAX AUTHORIZATION
Code sections: 19-1800 - School Tax Authorization
Attachments: 1. CertifiedCopy14088400.pdf
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
12/19/20140 MAYOR SIGNED   Action details Meeting details Not available
12/11/20140 CITY COUNCIL READ AND PASSEDPass17:0 Action details Meeting details Not available
12/4/20140 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Meeting details Not available
12/4/20140 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Meeting details Not available
12/4/20140 CITY COUNCIL READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR   Action details Meeting details Not available
12/1/20140 Committee on Finance HEARING NOTICES SENT   Action details Meeting details Not available
12/1/20140 Committee on Finance HEARING HELD   Action details Meeting details Not available
12/1/20140 Committee on Finance REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Meeting details Not available
11/13/20140 CITY COUNCIL Introduced and ReferredPass  Action details Meeting details Not available
Title
Amending Chapter 19-1800 of The Philadelphia Code, entitled “School Tax Authorization,” by modifying the definition of “Net Income” with respect to distributions from S corporations; all under certain terms and conditions.
 
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
 
SECTION 1.  Chapter 19-1800 of The Philadelphia Code is hereby amended to read as follows:
 
CHAPTER 19-1800. SCHOOL TAX AUTHORIZATION.
 
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§ 19-1804. Authorization of Net Income Tax.
  1. The following words shall be construed in this Section to have the following meanings, except where the context clearly indicates otherwise:
 
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            (c)      "Net Income" shall be determined after provision of all allocable and reasonable costs and expenses paid in the production of income, but no provision shall be made in this determination for any taxes.  Net Income shall not be treated as “received or credited” from an S corporation (as defined in 26 U.S.C. 1361) for purposes of subsection 19-1804(2)(a) until actually distributed.
 
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SECTION 2.  This Ordinance shall take effect for Tax Year 2015.
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Explanation:
Italics indicate new matter added.
 
End