READ AND PASSED

The enacted measure revised Philadelphia’s Sustainable Business Tax Credit for certified Sustainable Businesses, including B Corporations. It increased the number of businesses that could qualify, set the credit at $4,000, and allowed it to be used against the business’s total business income and receipts tax liability, with no carryforward of unused credits.

Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," to revise the Sustainable Business Tax Credit by changing the criteria for eligibility, by increasing the number of eligible businesses, by increasing the total tax credit amount, and by expanding the credit so that it applies against Sustainable Businesses' total business income and receipts tax liability; all under certain terms and conditions.