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.
§ 19-2601 Definitions.
In addition to the definitions provided in the Act of May 30, 1984, P.L. 345, No. 69, known as the First Class City Business Tax Reform Act, as amended, and Chapter 19-500 of this Title, the following definitions shall apply:
* * *
Net Operating Loss.
* * *
With respect to losses incurred in taxable years prior to January 1, 2004,
[A]
a
net operating loss incurred in another tax period may be carried over for three tax years
,
following the year in which it was incurred. The earliest net loss shall be carried over to the earliest taxable year to which it may be carried.
(3) Commencing with losses incurred in taxable years beginning on or after January 1, 2004, a net operating loss incurred in another tax
period may only be carried forward pursuant to the following schedule:
Available
Taxable Year
Carryforward
2004
2001 - 2003
2005
2002 - 2004
2006
2003 - 2005
2007
2004 - 2006
2008
2004 - 2007
2009
2004 - 2008
2010
2004 - 2009
2011
2004 - 2010
2012
2013
2014
2015 and thereafter
2004 - 2011
2004 - 2012
2004 - 2013
The prior ten years
SECTION 2. This [act]
Ordinance
shall apply to losses incurred in taxable years beginning on or after January 1, 2004.
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Explanation:
[Brackets] indicate matter deleted.
Italics
indicate new matter added.
End