Title
Amending Section 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," to add a new subsection, "Job Training Sponsorship Credit," providing a credit for certain contributions; 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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(16) Job Training Sponsorship Credit.
(a) Definitions. For purposes of this subsection, the following definitions shall apply:
(.1) "Qualifying Scholarship Organization." A nonprofit organization with an established record of providing scholarships and job placements to students obtaining Skills Certificates, including providing such opportunities to Philadelphia residents. The Revenue Department, in consultation with the Commerce Department, shall determine whether a nonprofit organization qualifies.
(.2) "Skills Certificate." A certificate from a short-term program that confirms the holder has gained employable skills. Examples include welding, assistant nursing, and HVAC repair.
(b) Subject to the provisions of subsection (16)(f), a business shall receive a tax credit of $60,000 per year against business income and receipts tax liability for each year the business contributes $60,000 in cash to a Qualifying Scholarship Organization under the terms and conditions of this subsection (16). The contribution must be made in the year for which the credit is sought.
(c) Subject to the provisions of subsection (16)(f), the tax credit under this subsection (16) shall be available to up to fifteen (15) businesses that enter into a contribution agreement with the City under which the business agrees to contribute $60,000 in cash per year for three consecutive years to a Qualifying Scholarship O...
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