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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§19-2604. Tax Rates, Credits, and Alternative Tax Computation.
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(7) Credit for New Job Creation[; Pilot Program].
(a) Definitions. For purposes of this subsection, the following definitions shall apply.
(3) New Job. A full-time job, the average hourly rate, excluding benefits, for which must be at least 150% of the federal minimum wage, created within the City and County of Philadelphia by a company within five (5) years from the start date.
Employment opportunities for ex-offenders must be contracted for a minimum period of at least 180 days.
(10) Ex-offender. A person previously convicted of a felony, or who was incarcerated for any conviction, or who is currently on probation or parole for any conviction.
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(d) Tax credits.
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(5) Maximum. The total amount of all tax credits available in
any
year [one] for commitment under subsection (7)(c)(3) shall not exceed 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.
(g) The Department of Revenue shall by December 31 of each year submit a written report to the Mayor, with a copy to the President and Chief Clerk of Council, summarizing the City’s experience during the prior year with the tax credit provided under this Section[, and containing any recommendations as to continuation or modification of the pilot tax credit program established by this Section ].
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SECTION 2. This Ordinance shall take effect immediately.
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Explanation:
[Brackets] indicate matter deleted.
Italics
indicate new matter added.
End