PASSED

The enacted ordinance establishes a pilot program giving up to 10 businesses a $100,000 annual credit against their Philadelphia business privilege taxes if they contribute $100,000 each year for up to 10 years to a qualifying community development corporation doing economic development work in the city. Businesses must sign agreements with the City, and the Revenue Department must report each year on the program and recommend whether it should continue or be changed.

Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," by establishing a pilot program under which a credit against business privilege taxes will be given to certain businesses that contribute monies to community development corporations undertaking economic development activities within the City of Philadelphia; all under certain terms and conditions.