Skip to main content
Back to search resultsBill 040017

Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," by amending the definition of "Net Operating Loss" with respect to carryforward period for net operating losses.

AI summary

This lapsed bill would have changed Philadelphia’s Business Privilege Tax definition of “Net Operating Loss” by setting how many years businesses could carry losses forward. The proposed rules would apply to losses from tax years beginning on or after January 1, 2004, with the carryforward period changing over time and extending to the prior ten years for 2015 and later.

File details

Status
LAPSED
Introduced
January 22, 2004
Sponsors
MAMichael A. Nutter
View official record ↗

Full text

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.

* * *

(2)

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.

_____________________________________

Explanation:

[Brackets] indicate matter deleted.

Italics

indicate new matter added.

End

File history

Sometimes city council's record keeping is not complete. This timeline reflects the information on the council's legistar website.
  1. Council actionCommittee of the Whole

    Amended

    Council actionCommittee of the Whole

    Recessed

    Council actionCommittee of the Whole

    Hearing held

    Council actionCommittee of the Whole

    Hearing notices sent

  2. Council actionCommittee of the Whole

    Recessed

    Council actionCommittee of the Whole

    Hearing held

  3. Council actionCommittee of the Whole

    Recessed

    Council actionCommittee of the Whole

    Hearing held

  4. Council actionCommittee of the Whole

    Recessed

    Council actionCommittee of the Whole

    Hearing held

  5. Council actionCommittee of the Whole

    Recessed

    Council actionCommittee of the Whole

    Hearing held

    Council actionCommittee of the Whole

    Hearing notices sent

  6. Council actionCITY COUNCIL

    Introduced

    Pass
    Council actionCITY COUNCIL

    Re-Referred