READ AND PASSED

The enacted ordinance clarifies when a business must make an $85,000 cash contribution to a qualifying community development, healthy-food, or nonprofit intermediary organization to receive an $85,000 Business Income and Receipts Tax credit. The contribution generally must be made during the tax year for which the credit is claimed, but the Department may allow up to a 12-month extension for good cause and to prevent hardship to the organization; the change applies to credits for tax year 2013 and later.

Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Tax," by clarifying the timing of payments relating to the Credit for Contributions to Community Development Corporations, Nonprofit Organizations Engaged in Developing and Implementing Healthy Food Initiatives and Nonprofit Intermediaries, under certain terms and conditions.