Amending Chapter 19-3200 of The Philadelphia Code, entitled "Keystone Opportunity Zone, Economic Development District, and Strategic Development Area," to provide for additional extensions of certain benefits, under certain terms and conditions.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Chapter 19-3200 of The Philadelphia Code is hereby amended to read as follows:

CHAPTER 19-3200. KEYSTONE OPPORTUNITY ZONE, ECONOMIC DEVELOPMENT DISTRICT, AND STRATEGIC DEVELOPMENT AREA

* * *

§ 19-3203. Authorization of Exemption, Abatement or Credits from Certain Taxes.

* * *

Property Address

OPA Account No.

* * *

(UU)

3800-14 Market Street

774688300

(VV)

3816-40 Market Street

885045600

(WW)

3001 Chestnut Street

885498560

(XX)

3001 John F. Kennedy Blvd.

885734180

(YY)

3003 John F. Kennedy Blvd.

885734780

(ZZ)

3025 John F. Kennedy Blvd.

885734880

(A1)

3051 John F. Kennedy Blvd.

885732500

(B1)

3020-52 Market Street

883071700

(C1)

3001 Market Street

885827620

(D1)

3101 Market Street

885501140

(E1)

3020 Spring Garden Street

875100371

(F1)

3400-34 Market Street

885646660

SECTION 2. Chapter 19-3200 of The Philadelphia Code is hereby amended to read as follows:

CHAPTER 19-3200. KEYSTONE OPPORTUNITY ZONE, ECONOMIC DEVELOPMENT DISTRICT, AND STRATEGIC DEVELOPMENT AREA

§ 19-3201. Designation of Zone.

* * *

(7) The following parcels shall collectively constitute the Additional Philadelphia Keystone Opportunity Zone:

Street Address

OPA Number

885632100

885631680

885631800

885877421

885877423

885634560

882675105

§ 19-3202. Definitions.

* * *

(13) "Zone." The Philadelphia Keystone Opportunity Zone, the Philadelphia

Keystone Opportunity Expansion Zone, the Philadelphia Keystone Opportunity

Improvement Zone, the Philadelphia Economic Development District, the

Philadelphia Strategic Development Area, [or] the Additional Philadelphia Keystone

Opportunity Expansion Zone

, or the Additional Philadelphia Keystone Opportunity Zone

.

§ 19-3203. Authorization of Exemption, Abatement or Credits from Certain Taxes.

(1) The provisions set forth in subsections (.1) through (.6) below, shall apply

as follows:

* * *

(k) effective January 1, 2018, or such later date as authorized by the General Assembly, and continuing through and including December 31, 2028, or such other date as authorized by the General Assembly, not to exceed ten years from commencement, with respect to real property or business activity, as applicable, attributable to those parcels in the Additional Keystone Opportunity Zone established by the enactment of subsection (7) of Section 19-3201:

* * *

SECTION 3. This Ordinance shall be effective as follows:

(1) Section 1: Upon approval by the Commonwealth Department of Community and Economic Development of an application for the expansion and extension of certain zones and subzones, as provided for in the Act of February 14, 2012, P.L. 183, No. 16, and only with respect to such expansions and extensions as are approved therein, and only for such period of time as the Commonwealth provides for exemptions, abatements or credits with respect to sales and use tax, personal income tax, corporate net income tax and capital stock franchise tax for businesses and residents in such zone, as set forth in The Pennsylvania Keystone Opportunity Zone Act, Act of October 6, 1998, P.L. 705, No. 92, as amended.

(2) Section 2: Upon approval by the Commonwealth Department of Community and Economic Development of an application for the designation of an Additional Keystone Opportunity Zone or Subzones or zones of a substantially similar nature, as provided for in legislation to be adopted by the General Assembly, and only with respect to such expansions and extensions as are approved therein, and only for such period of time as the Commonwealth provides for exemptions, abatements or credits with respect to sales and use tax, personal income tax, corporate net income tax and capital stock franchise tax for businesses and residents in such zone, as set forth in the authorizing legislation of the General Assembly.

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Explanation:

Italics

indicate new matter added.

End