PASSED

This enacted measure amended Philadelphia’s wage and net profits tax rules to provide reductions in tax rates for residents and nonresidents. The reductions were tied to growth in wage-tax and real-estate-tax receipts, applied beginning in 2003, and required the Revenue Department to certify and publish the calculations and resulting rates.

Amending Section 19-1502 of The Philadelphia Code, entitled "Imposition of Tax," by providing for reductions in the rate of wage and net profits tax, under certain terms and conditions.