Title
Amending Section 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," to add a new subsection, "School District 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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(17) School District Sponsorship Credit.
(a) Definitions. For purposes of this subsection, the following definitions shall apply:
(.1) "District." The Philadelphia School District.
(b) A business shall receive a tax credit of one dollar ($1.00) per year against business income and receipts tax liability for every five dollars ($5.00) of cash the business contributes to the District under the terms and conditions of this subsection (17). The contribution must be made in the year for which the credit is sought. Any unused credit may be carried forward for three years from the year of the contribution to the District.
(c) The tax credit under this subsection (17) shall be available to businesses that enter into a contribution agreement with the City under which the business agrees to contribute at least $25,000 in cash to the District. No tax credit shall be given for any contributions made by a business to the District other than pursuant to a contribution agreement with the City executed under the terms and conditions of this subsection (17).
(d) The Revenue Department shall provide application forms for businesses that wish to apply for tax credits under this Section, and it shall enter into contribution agreements under this Section with applicants on a "first come-first served" basis until the total amount of credits for a particular year reaches five million dollars ($5,000,000)....
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