READ AND PASSED

This enacted law amended Philadelphia’s Business Income and Receipts Tax rules to create a tax credit for businesses located within 100 feet of a publicly funded construction project that substantially blocks customer access or visibility for at least 30 days. Eligible businesses must document at least a 10% loss in both net income and sales or receipts; the credit is generally 20% of lost sales or receipts, up to $20,000, subject to an overall annual cap, and applies beginning with tax year 2015.

Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," by providing for certain exclusions and deferrals relating to businesses distressed as a result of nearby public works projects, all under certain terms and conditions.