PASSED

The enacted bill amends Philadelphia’s school tax authorization law to allow the Board of Education of the School District of Philadelphia to impose a tax on residents’ net income from owning, leasing, selling, or otherwise disposing of real property and tangible and intangible personal property. For fiscal years beginning in 2007, the authorized rate is tied to the total resident tax rate for the preceding tax year, subject to any legal limit.

Amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," by amending Section 19-1804, entitled "Authorization of Net Income Tax," to further authorize the Board of Education of the School District of Philadelphia to impose a tax on net income from real property and tangible and intangible personal property of residents of the School District of Philadelphia; all under certain terms and conditions.