Title
Amending Title 19 of The Philadelphia Code, entitled "Finance, Taxes and Collections," by adding a new Chapter 19-4100, entitled "New Sustainable Businesses," to reduce the tax burden on new sustainable businesses; all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. A new Chapter 19-4100 is added, to read as follows:
CHAPTER 19-4100. NEW SUSTAINABLE BUSINESSES.
§ 19-4101. New Sustainable Businesses.
(1) Definitions. For purposes of this Chapter, the following definitions apply.
(a) "Department" shall mean the Revenue Department.
(b) "Family Member" shall mean a parent, spouse, life partner, child, sibling or like relative-in-law of an owner of a New Business or affiliate.
(c) "New Business" shall include any business that is subject to the business income and receipts tax under Section 19-2603, but that was not subject to the business income and receipts tax under Section 19-2603 during the previous five Tax Years. Any such business shall continue to qualify as a "New Business" for two (2) Tax Years subsequent to the first Tax Year that it became subject to the business income and receipts tax under Section 19-2603.
(i) An existing business that is not subject to business income and receipts tax under Section 19-2603 because it is not currently engaged in business within the City of Philadelphia is eligible to qualify as a New Business upon engaging in such business if it meets the requirements of the preceding definition.
(ii) The term "New Business" shall not include:
(.1) a business affiliated with or sharing substantial common ownership or control with a business that has filed a business income and receipts tax;
(.2) a business created through an ownership change of a business that has filed a business income and receipts tax return, including,...
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