Amending Chapter 19-1500 of The Philadelphia Code, entitled "Wage and Net Profits Tax," by providing for the calculation of the credit against net profits tax based upon net income tax liability, where a credit is received against net income tax for contributions to community development corporations undertaking economic development activities within the City of Philadelphia; all under certain terms and conditions.

AI summary

This enacted ordinance changes how the City calculates the net profits tax credit for taxpayers who receive a credit against net income tax for contributions to community development corporations carrying out economic development activities in Philadelphia. The net profits tax credit is calculated without taking into account the related tax reduction for those contributions, and the change takes effect immediately.