READ AND PASSED

This enacted measure changes the wage requirement for a Philadelphia job to qualify for the New Job Creation tax credit, using the higher of 150% of the federal minimum wage or an amount tied to the Philadelphia consumer price index. It also provides eligible businesses with a potential tax credit for each qualifying job created in 2015, claimable over five years, subject to the program’s terms and limits.

Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," to revise the Credit for New Job Creation by changing the minimum wage requirement in the definition of "New Job"; and by providing an additional "Special Tax Credit Opportunity for Job Creation" in the form of a multi-year tax credit for certain new jobs created in 2015; all under certain terms and conditions.