PASSED

The enacted bill amended Philadelphia’s net income tax for residents of the School District of Philadelphia. For fiscal years beginning in 2007 and after, it set the tax on net income from owning, leasing, selling, or otherwise disposing of property at the combined rate of the resident wage tax and the Pennsylvania Intergovernmental Cooperation Authority tax on wages and net profits, as in effect on July 1 of the prior tax year; the tax is used for general school purposes.

Amending Section 19-1804 of The Philadelphia Code, entitled "Authorization of Net Income Tax," by revising the rate of tax, under certain terms and conditions.