PASSED

The enacted bill readopts and clarifies a pilot program giving eligible businesses a $100,000 annual credit against their business privilege taxes when they contribute $100,000 per year to a qualifying community development corporation for economic development activities in Philadelphia. Up to 15 businesses may participate through City agreements lasting up to 10 years, with applications handled by the Revenue Department.

Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," by readopting and clarifying 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.