Title
Amending Title 18 of The Philadelphia Code, entitled "Commerce," to require the Department of Finance or such other official as the Mayor may designate to report to Council certain aggregate information regarding tax benefits such as tax exemptions, abatements and credits and to report on assessments of the economic impact of such tax programs, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Title 18 of The Philadelphia Code is amended to read as follows:
TITLE 18. COMMERCE.
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CHAPTER 18-400. TAX INCENTIVE REPORTING.
ยง 18-401. Aggregate Data Reporting.
(1) The Director of Commerce or such other official as the Mayor may designate is authorized to utilize a third-party evaluator to prepare reports, and shall provide Council with such reports, pursuant to the schedule set forth in paragraph (2) below, that shall include the following:
(a) a listing and description of tax exemption, abatement, credit or other benefits allowed against city tax liability for the purpose of spurring economic development, whether against the rate of the tax, the subject on which the rate is applied (such as property value in connection with property tax abatements) or the payment amount due;
(b) the eligibility requirements for, and general objectives of, each such tax benefit;
(c) aggregate data regarding utilization of each such tax benefit. For benefits with respect to which taxpayers are eligible to carry over benefits into future tax years, aggregate amounts carried over per tax benefit shall be identified;
(d) the total amount of tax benefits received by taxpayers with respect to each such tax benefit; and
(e) an assessment, including such data and supporting documentation as is meaningful and available, regarding the economic effectiveness and other consequences of the provision of such tax benefit currently and as anticip...
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