Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," by providing a minimum number of estimated tax payments in the last six months of the City's fiscal year and authorizing additional estimated payments in the first six months of the subsequent fiscal year.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Chapter 19-2600 of the Philadelphia Code is hereby amended to read as follows:

CHAPTER 19-2600. BUSINESS PRIVILEGE TAXES.

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§19-2610. Estimated Tax Payments.

The Department shall promulgate regulations to provide for

periodic

estimated tax payments to be paid [concurrently with]

, at a minimum, fifty percent

(50%) by

the due date, without extension, for

the filing of any return

and fifty percent (50%) on or before the fifteenth day of the sixth month of the applicable tax year

, and for credits to be granted on any [overpayment of estimated]

excess estimated

tax payment.

The Department is authorized to provide for additional estimated tax payments on or after the first day of the seventh month of the applicable tax year.

The Department shall also promulgate regulations to provide for transition rules

should periodic estimated payments in excess of the minimum be authorized by the Department

. Failure to make an estimated payment pursuant to these regulations shall subject a taxpayer to interest, penalties and costs as provided in Section 19-509.

SECTION 2. This ordinance shall take effect commencing with tax years beginning on or after January 1, 2005.

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Explanation:

[Brackets] indicate matter deleted.

Italics

indicate new matter added.

End