READ AND PASSED

The enacted ordinance changes Philadelphia’s business privilege tax credit for businesses that contribute to qualifying community development corporations or nonprofit intermediaries. New agreements provide an $85,000 annual tax credit for an $85,000 contribution over up to 10 years, with credits available to as many as 35 businesses; businesses with agreements made before the ordinance took effect keep the previous $100,000 credit unless their agreement ends and is replaced.

Amending subsection 19-2604(6) of The Philadelphia Code, under which businesses that enter into agreements to make contributions to community development corporations receive business privilege tax credits, all under certain terms and conditions.