READ AND PASSED

This enacted ordinance amended Philadelphia’s business income and receipts tax rules to allow up to 40 businesses, instead of 35, to receive an $85,000 annual tax credit for contributing $85,000 per year to qualifying community development corporations or nonprofit intermediaries for up to 10 consecutive years. It applies to businesses that enter contribution agreements with the City and supports organizations involved in neighborhood economic development in Philadelphia.

Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," by revising the number of businesses that may obtain a credit against business income and receipts taxes upon contributing to certain community development corporations or nonprofit intermediaries engaged in neighborhood economic development activities within the City of Philadelphia; all under certain terms and conditions.