READ AND PASSED

The enacted ordinance excludes certain investment companies and certain general partners or managing members from Philadelphia’s definition of a taxable business, when their activities and income meet specified conditions. It also exempts related net profits from the City’s Wage and Net Profits Tax and the Pennsylvania Intergovernmental Cooperation Authority tax, while stating that estimated 2012 business tax payments due in April 2012 would not be changed.

Amending Chapters 19-2600, 19-1500, and 19-2800 of The Philadelphia Code, entitled, respectively, "Business Privilege Taxes," "Wage and Net Profits Tax," and "Pennsylvania Intergovernmental Cooperation Authority Tax on Wages and Net Profits," by providing certain exclusions and revising certain definitions, all under certain terms and conditions.