READ AND PASSED

The enacted ordinance increases from 40 to 45 the number of businesses that may receive Philadelphia business income and receipts tax credits for contributing $100,000 per year for 10 years to qualifying community development corporations or nonprofit intermediaries. It also keeps eligibility for up to two businesses contributing to qualifying nonprofits that develop and implement healthy food initiatives, while limiting agreements to 40 per tax year beginning in 2019 if the required city grant-program certification is in place.

Amending subsection 19-2604(6) of The Philadelphia Code, under which businesses may enter into agreements to make contributions to community development corporations and certain other organizations to receive credits against business income and receipts taxes, by increasing the number of businesses for which the credit shall be made available to, all under certain terms and conditions.