THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1.
Chapter 19-1800 of The Philadelphia Code, entitled School Tax Authorization, is hereby amended to read as follows:
CHAPTER 19-1800. SCHOOL TAX AUTHORIZATION
* * *
§19-1804. Authorization of Net Income Tax.
* * *
(2) Imposition of the Tax.
* * *
(a.32) Except as excluded in subsection 3, the Board is authorized to impose a tax for Fiscal Year 2002 for general school purposes, on every person who is a resident of the School District of Philadelphia on the net income from the ownership, lease, sale or other disposition of real property and tangible and intangible personal property, received or credited to said person during the tax year 2001 including the net income paid to any beneficiary of a trust or estate and the income of any trust or estate of which such person is the substantial owner at the rate of four and five thousand three hundred eighty-five ten-thousandths percent (4.5385%), provided that, in the event the rate of any tax imposed hereunder is determined to exceed any limitation imposed by statute, it is the intent of this subsection to impose such tax at the maximum permissible rate.
* * *
___________________________________
Explanation:
Italics
indicate new matter added.
End