PASSED

The enacted ordinance expanded or changed Philadelphia’s Keystone Opportunity Improvement Zone by adding specified properties and revising the tax exemptions, abatements, and credits available to certain businesses and residents in designated areas. It changed eligibility for the net profits tax exemption, including a residency requirement, and set conditions for businesses relocating into the zones, such as job growth, capital investment, or qualifying food-distribution leases.

Providing for the contingent exemption, abatement or credit of certain taxes within specified geographic areas, including by amending Bill No. 030242 (approved May 29, 2003), relating to the boundaries of the Keystone Opportunity Improvement Zone, and by amending Chapter 19-3200 of The Philadelphia Code, entitled "Keystone Opportunity Zone," including by revising the conditions for exemption from net profits tax and by clarifying and amending the provisions relating to relocating businesses, all under certain terms and conditions.