READ AND PASSED

The enacted ordinance provides for extending the period businesses can carry net operating losses forward when calculating Philadelphia Business Income and Receipts Taxes, from three tax years to 20. It applies to losses incurred on or after the ordinance’s effective date, which depends on authorizing legislation from the Pennsylvania General Assembly; earlier losses remain subject to the three-year period.

Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," by extending the period that Net Operating Losses can be carried, all under certain terms and conditions.