READ AND PASSED

This enacted bill changes Philadelphia’s Business Income and Receipts Tax rates on business net income for tax years 2021 and later. The receipts tax rate remains 1.415 mills, while the net-income rates are set at 6.20% for 2021 and 2022, 6.15% for 2023, and 6.10% for 2024 and later; the changes affect businesses subject to the tax, including regulated industries as described in the law.

Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," by revising certain tax rates, under certain terms and conditions.