PASSED

This enacted ordinance expands Philadelphia’s business privilege tax credit program so businesses may receive a credit for contributing to certain nonprofit intermediaries, in addition to community development corporations. Eligible businesses can receive a $100,000 annual tax credit for a $100,000 yearly contribution under a City agreement, with up to 30 participating businesses and no more than three nonprofit intermediaries designated at one time.

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 add certain nonprofit intermediaries as eligible recipients of contributions, under certain terms and conditions.