PASSED

The enacted measure changes Philadelphia’s business privilege tax credit for businesses that contribute $100,000 per year to a qualifying community development corporation. It allows two businesses to apply jointly, with each business receiving a share of the $100,000 annual credit based on its share of the contribution; it also changes the deadline for the Revenue Department’s yearly report on the credit from December 31 to July 1.

Amending Section 19-2604 of The Philadelphia Code, relating to tax rates and credits for the business privilege tax, by amending the provisions providing a credit for contributions to community development corporations to allow two businesses to apply jointly for the credit, under certain terms and conditions.