PASSED

This enacted measure amends Philadelphia’s business privilege tax by setting tax rates on business receipts and net income and providing alternative tax calculations for manufacturers, wholesalers, and retailers. It also sets minimum tax calculations for certain securities businesses and gives taxpayers a credit equal to 60% of their business privilege tax liability based on net income against their Philadelphia net profits tax.

Amending Section 19-2604 of The Philadelphia Code, relating to tax rates, credits and alternative tax computation for the business privilege tax, by reducing certain tax rates, and by making technical amendments; all under certain terms and conditions.