PASSED

The enacted ordinance amended Philadelphia’s Keystone Opportunity Zone rules to allow conditional tax exemptions, abatements, or credits in eight designated expansion subzones, including areas near the Delaware and Schuylkill Rivers, the airport, Frankford/Torresdale, and West Philadelphia. The benefits can apply to qualifying businesses, property, construction equipment, and eligible residents, but require state approval and compliance with tax and property rules; businesses that leave the zone within five years may have to repay some benefits.

Amending Chapter 19-3200 of The Philadelphia Code, entitled "Keystone Opportunity Zone," to provide for the contingent exemption, abatement or credit of certain taxes within specified geographical areas, under certain terms and conditions.