Amending Chapter 19-2604 of The Philadelphia Code, entitled "Tax Rates, Credits and Alternative Tax Computation," by making a Job Creation Tax Credit available to certain businesses that create new jobs for ex-offenders in the City of Philadelphia; all under certain terms and conditions.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

(7) Credit for New Job Creation; Pilot Program.

(d) Tax Credits.

(5) Maximum. The total amount of all tax credits available [in]

each

year [one] for commitment under subsection (7)(c)(3) shall [not exceed]

be equal

to

at least

1% of all revenues collected by the City through the gross receipts and net income components of the business privilege tax during the previous tax year.

(e) Prohibitions.

(2) Allocations. Twenty-five percent of all tax credits available in any year under section subsection (7)(d)(5) shall be available for commitment under subsection (7)(c)(3) to businesses with fewer than 25 employees

or to create employment opportunities for ex-offenders

.

* * *

SECTION 3. This Ordinance shall take effect immediately.

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Explanation:

[Brackets] indicate matter deleted.

Italics

indicate new matter added.

End