PASSED

The vetoed bill would have extended from three years to eight years certain real estate tax exemptions for improvements to deteriorated hotel properties. It would have applied to qualifying buildings with certificates of occupancy issued after October 27, 1999, and required City Council to consider a further two-year extension by July 1, 2008.

Amending Section 19-1303(3) of The Philadelphia Code, entitled "Authorization to Offer Exemptions from Real Estate Taxes on Improvements to Deteriorated Industrial, Commercial or Other Business Properties," by extending the exemption period for certain existing grants of exemption, under certain terms and conditions.