Title
Amending Chapter 19-2800 of The Philadelphia Code, entitled "Pennsylvania Intergovernmental Cooperation Authority Tax on Wages and Net Profits," to provide for the continuation of the tax and to make other conforming changes, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 19-2800 of The Philadelphia Code is amended to read as follows:
CHAPTER 19-2800. PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY TAX ON WAGES AND NET PROFITS
? 19-2801. Legislative Acknowledgements.
(1) The General Assembly of the Commonwealth of Pennsylvania has enacted the Pennsylvania Intergovernmental Cooperation Authority Act for Cities of the First Class (Act of June 5, 1991, P.L. 9, No. 6), as amended most recently by Act of July 7, 2022, P.L.440, No.36.
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(3) The stated intent of the General Assembly for enacting the Act is to:
(a) provide cities of the first class with the legal tools with which cities of the first class can eliminate deficits that render them unable to perform essential municipal services;
(b) create an authority that will enable cities of the first class to access capital markets for deficit elimination and seasonal borrowings to avoid default on existing obligations and chronic cash shortages that will disrupt the delivery of municipal [services;] services and to maintain and enhance the sound financial planning and budgetary practices that the authority has fostered;
(c) foster sound financial planning and budgetary practices that will address the underlying problems which result in such deficits; and that will allow for the maintenance and enhancement of the sound fiscal status of such cities of the first class;
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(e) remedy the fiscal emergency confronting cities of the first class through the implementation of sovereign powers of the Commonwealth with respect to taxation, indebtedness and matters of Stat...
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