Expressing Council's intention to extent the time period for exemptions, abatements or credits in certain subzones of the Keystone Opportunity Zone.

WHEREAS, By Act No. 119 of 2000, the General Assembly authorized local governments to extend the duration of the exemptions, abatements and credits offered in certain subzones of a Keystone Opportunity Zone; and

WHEREAS, City Council's Committee of the Whole has considered and today reported favorably Bill No. 010372, which would extend the duration of the exemptions, abatements and credits offered in certain subzones of the Philadelphia Keystone Opportunity Zone; and

WHEREAS, City Council's legislative calendar does not permit final passage of Bill No. 010372 prior to Council's summer recess because the Home Rule Charter requires that the bill lay over an additional five days after the bill is reported by the committee to the Council and Council's recess begins at the conclusion of today's meeting; and

WHEREAS, Council has every intention of passing Bill No. 010372 at the first lawful opportunity, currently scheduled for September 13, 2001; and

WHEREAS, Council wishes to assure the Commonwealth, Department of Community and Economic Development of its intention to pass Bill No. 010372, thereby extending the duration for the exemptions, abatements and credits offered in certain subzones, as expressly set forth in said Bill; now therefore

RESOLVED, That Council favorably approves of Bill No. 010372, a copy of which is attached hereto and incorporated herein.

FURTHER RESOLVED, That Council intends to give final passage to Bill No. 010372 at the first lawful opportunity hereafter.

FURTHER RESOLVED, That the Director of Commerce is hereby authorized to inform the Commonwealth, Department of Community and Economic Development, of the passage of this resolution and of Council's intention to take all necessary legal action to extend the duration of the exemptions, abatements and credits offered in certain subzones of the Philadelphia Keystone Opportunity Zone, as expressly set forth in Bill No. 010372.

BILL NO. 010372

Introduced May 24, 2001

Councilmember Blackwell

for

Council President Verna

Referred to the

Committee on Rules

AN ORDINANCE

Amending Chapter 19-3200 of The Philadelphia Code, entitled "Keystone Opportunity Zone," by extending the time period for exemptions, abatements or credits from certain taxes, under certain terms and conditions.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1.

Chapter 19-3200 of The Philadelphia Code is amended to read as follows:

CHAPTER 19-3200. KEYSTONE OPPORTUNITY ZONE

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§19-3203.

Authorization of Exemption, Abatement or Credits from Certain Taxes.

Effective as of January 1, 1999, and continuing through and including December 31, 2010, with respect to real property or business activity, as applicable, attributable to

those portions of

the Keystone Opportunity Zone

generally known as PIDC Northeast Industrial Parks (East), Byberry East Industrial Park; and Upper Delaware River; all as set forth in subsection 19-3201(1); effective as of January 1, 1999, and continuing through and including December 31, 2013, with respect to real property or business activity, as applicable, attributable to any portion of the Keystone Opportunity Zone other than that set forth immediately above

; and effective as of January 1, 2001, and continuing through and including December 31, 2013, with respect to real property or business activity, as applicable, attributable to the Keystone Opportunity Expansion Zone, the following provisions shall apply:

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SECTION 2.

This Ordinance shall be effective only for such period of time as the Commonwealth provides for exemptions, abatements or credits with respect to sales and use tax, personal income tax, corporate net income tax and capital stock franchise tax for businesses and residents in The Philadelphia Keystone Opportunity Zone, as set forth in The Pennsylvania Keystone Opportunity Zone Act, P.L. 705, No. 92, as amended, and only in such Zone as is designated by the Commonwealth.

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Explanation:

Italics

indicate new matter added.

End