Authorizing the Council Committee on Commerce and Economic Development to hold hearings on the current and future tax policy of the City of Philadelphia in order to conduct an analysis of the tax rates and tax base for wage, real estate, business, sales and other municipal taxes and to examine the impact of current and future tax policy on the fiscal health and attractiveness of the City to businesses and residents as well as the impact on the fiscal health of the public school system; and, further authorizing the Committee to seek advice and recommendations on tax policy and tax reform from citizens, financial experts, economists, academia, business executives, and state legislative and executive branch officials.

WHEREAS, The Mayor may propose various tax plans or strategies through the annual budget and five-year financial planning process; and

WHEREAS, Authorizations for the City's various taxes derives from the State and any structural changes to the City's tax policy would require support and coordination with the State Legislature and Governor; and

WHEREAS, City Council is the body authorized by the City Charter to levy taxes and to legislatively determine the rates of such taxes; and

WHEREAS, City Council must be prepared to analyze, evaluate and make decisions on future tax policy and its impact on the overall general fund budget, the delivery of city services, and the business climate of our City; and

WHEREAS, Because of dramatic changes in our local, state, national and international economies from a reliance on heavy industrial manufacturing to an array of business sectors ranging from biotechnology, information services, health care, tourism, hospitality and many others, City Council should seek the fiscal and tax advice of the best financial professionals, academics, public policy experts, business executives and government officials in order to make critical decisions about the City's tax policy for the Year 2000 and beyond; now therefore

RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the Council Committee on Commerce and Economic Development be authorized to hold hearings on the current and future tax policy of the City of Philadelphia in order to conduct an analysis of the tax rates and tax base for wage, real estate, business, sales and other municipal taxes and to examine the impact of current and future tax policy on the fiscal health and attractiveness of the City to businesses and residents as well as the impact on the fiscal health of the public school system; and, further authorizing the Committee to seek advice and recommendations on tax policy and tax reform from citizens, financial experts, economists, academia, business executives, and state legislative and executive branch officials.

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