THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1.
Chapter 19-1800 of The Philadelphia Code 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.
Except as excluded in subsection (3), the Board is authorized to impose a tax for the following Fiscal Years
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 corresponding Tax Year as set forth in the table below, including the net income paid to any beneficiary of a trust or estate and the income of any trust or estate and of which such person is the substantial owner, at the following rates, 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 ordinance to impose such tax at the maximum permissible rate:
For Fiscal Year(s)
On Net Income Received or
Credited During Tax Year(s)
Rate
1970 through 1976 inclusive
1969 through 1975 inclusive
2.00%
1977 through 1983 inclusive
1976 through 1982 inclusive
4.3125%
1984 through 1996 inclusive
1983 through 1995 inclusive
4.96%
1997
1996
4.84%
1998
1997
4.79%
1999
1998
4.715%
2000
1999
4.6135%
2001
2000
4.5635%
2002
2001
4.5385%
2003
2002
4.50%
2004 and thereafter
2003
4.4625%
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Explanation:
Italics
indicate new matter added.
End