THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Subsection 1 of Section 19-2604 of The Philadelphia Code is hereby repealed in its entirety, and a new subsection is added that reads as follows:
§19-2604. Tax Rates, Credits, and Alternative Tax Computation.
(1) Every business shall pay an annual tax on each dollar of annual receipts at the millage rate shown in the second column of the following chart (Receipts rate in mills), and an annual tax on net income at the percentage rate shown in the third column (Net income rate %),
except that a regulated industry shall only pay an annual tax on each dollar of annual receipts at the millage rate shown in the second column, and in an amount not to exceed the percentage of net income shown in the third column:
Tax year (s)
Receipts rate in mills
Net income rate%
2003
2.30 mills
6.50%
2004
2.10 mills
6.50%
2005
1.90 mills
6.50%
2006
1.75 mills
6.50%
2007
1.50 mills
6.50%
2008
1.00 mills
6.50%
2009
0.5 mills
6.50%
2010
0.0 mills
6.50%
(1.1) The rates set forth in §19-2604 (1) for tax years 2007 and thereafter shall not take effect unless Council so provides, by separate ordinance. Until such time as such separate ordinance is adopted, the rates for tax years 2007 and thereafter shall be that set forth for tax year 2006.
SECTION 2. Effective dates. This Ordinance shall be effective immediately.
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Explanation:
Italics
indicate new matter added.
End