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File #: 180909    Version: Name:
Type: Bill Status: ENACTED
File created: 10/18/2018 In control: Committee on Finance
On agenda: Final action: 12/13/2018
Title: Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," by extending the period that Net Operating Losses can be carried, all under certain terms and conditions.
Sponsors: Councilmember Taubenberger, Councilmember Domb
Indexes: BUSINESS INCOME AND RECEIPTS TAXES
Code sections: 19-2600 - Business Income and Reciepts Tax
Attachments: 1. CertifiedCopy18090902
Date Ver.Action ByActionResultTallyAction DetailsVideo
1/24/20192 MAYOR NO ACTION TAKEN   Action details Not available
12/13/20182 CITY COUNCIL READ AND PASSEDPass15:2 Action details Not available
12/6/20182 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Not available
12/6/20182 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Not available
12/6/20181 CITY COUNCIL READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR   Action details Not available
12/5/20181 Committee on Finance HEARING NOTICES SENT   Action details Not available
12/5/20181 Committee on Finance HEARING HELD   Action details Not available
12/5/20181 Committee on Finance AMENDED   Action details Not available
12/5/20182 Committee on Finance REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Not available
10/30/20180 Committee on Finance HEARING NOTICES SENT   Action details Not available
10/30/20180 Committee on Finance HEARING HELD   Action details Not available
10/30/20180 Committee on Finance AMENDED   Action details Not available
10/30/20181 Committee on Finance RECESSED   Action details Not available
10/18/20180 CITY COUNCIL Introduced and ReferredPass  Action details Not available

Title

Amending Chapter 19-2600 of The Philadelphia Code, entitled “Business Income and Receipts Taxes," by extending the period that Net Operating Losses can be carried, 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

 

§ 19-2601.  Definitions.

 

*                     *                     *

 

  Net Operating Loss.

 

*                     *                     *

 

(2)   Net operating losses incurred in another tax period may be carried over for [three (3)] twenty (20) tax years following the year in which [it was] they were incurred, provided that this authorization applies only to losses incurred on or after the date that the ordinance enacting this clause becomes effective. Net operating losses incurred prior to such effective date may be carried over for three (3) tax years following the year in which they were incurred. The earliest net loss shall be carried over to the earliest taxable year to which it may be carried.

 

*                     *                     *

 

 

SECTION 2. Effective Date. This ordinance shall take effect upon the enactment of authorizing legislation by the Pennsylvania General Assembly.

 

 

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Explanation:

 

[Brackets] indicate matter deleted.

Italics indicate new matter added.