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File #: 150078    Version: 0 Name:
Type: Bill Status: ENACTED
File created: 2/5/2015 In control: Committee on Finance
On agenda: Final action: 3/26/2015
Title: Amending Subsection 19-2604(8) of The Philadelphia Code, entitled "'Green Roofs' Tax Credit," to change the requirements for the credit and make other technical changes; all under certain terms and conditions.
Sponsors: Councilmember Reynolds Brown
Indexes: GREEN ROOFS' TAX CREDIT
Code sections: 19-2604 - Tax Rates, Credits, and Alternative Computation
Attachments: 1. CertifiedCopy15007800.pdf
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
4/7/20150 MAYOR SIGNED   Action details Meeting details Not available
3/26/20150 CITY COUNCIL READ AND PASSEDPass16:0 Action details Meeting details Not available
3/19/20150 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Meeting details Not available
3/19/20150 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Meeting details Not available
3/19/20150 CITY COUNCIL READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR   Action details Meeting details Not available
3/16/20150 Committee on Finance HEARING NOTICES SENT   Action details Meeting details Not available
3/16/20150 Committee on Finance HEARING HELD   Action details Meeting details Not available
3/16/20150 Committee on Finance REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Meeting details Not available
2/5/20150 CITY COUNCIL Introduced and ReferredPass  Action details Meeting details Not available
Title
Amending Subsection 19-2604(8) of The Philadelphia Code, entitled "'Green Roofs' Tax Credit," to change the requirements for the credit and make other technical changes; 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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(8) "Green Roofs" Tax Credit.

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(d) Granting of Credits.

(1) After the applicant and the Revenue Department have executed the commitment letter, the applicant, after certifying to the Revenue Department that it has completed the green roof in accordance with the plans set forth in the commitment letter, may claim a tax credit of [twenty-five]fifty percent ([25]50%) of all costs actually incurred to construct the green roof, provided that total tax credits for a green roof may not exceed $100,000. Such tax credit shall be applied against the applicant's total business income and receipts tax liability for the Tax Year during which the applicant certifies completion of the green roof, provided that any unused credits may be carried forward until fully used.

(2) A business may receive only one set of green roof tax credits per building, but may receive green roof tax credits for each building it owns.

(3) In the event that the aggregate amount of tax credits under this subsection (8) to which all businesses are entitled in any tax year under subsection (8)(d)(i) would exceed $1,000,000, the amount of tax credit awarded to any business under subsection (8)(d)(i) shall instead be computed as follows: (A) obtaining a reduction factor by dividing $1,000,000 by the aggregate amount of all tax credits sought in that year under subsection (8)(d)(i); and (B) multiply...

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