PASSED

This enacted ordinance amends Philadelphia’s Wage and Net Profits Tax rules to exempt certain stock options from taxation. Stock options without a readily measurable market value when granted are generally excluded from compensation, while options with such a value may be taxed at that value; amounts arising when options are exercised, exchanged, sold, or otherwise disposed of are not taxable under this chapter. The changes apply to options granted after the ordinance takes effect and to transactions occurring on or after that date.

Amending Chapter 19-1500 of The Philadelphia Code, entitled "Wage and Net Profits Tax," by exempting certain stock options from the tax, under certain terms and conditions.