civus
BillENACTED

Bill 000451

Amending Chapter 19-2800 of The Philadelphia Code, entitled "Pennsylvania Intergovernmental Cooperation Authority Tax on Wages And Net Profits," by exempting certain stock options from the tax, under certain terms and conditions.

Introduced Jun 8, 2000Committee of the WholeOfficial record: City of Philadelphia via Legistar

Introduced by

Council President VernaCouncil President VernaCouncilmember NutterCouncilmember NutterCouncilmember KenneyCouncilmember Kenney

From the floor

Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.

  1. “Aye. The ayes are 16, the nays are 0. A majority of all Members having voted in the affirmative, the bill passes. The clerk will please read the title of Bill No. 000451.”

    Council President Verna · Stated Meeting, June 22, 2000 · Jun 22, 2000 · official transcript, this passage

Status timeline

  1. Jun 8, 2000Referred · CITY COUNCIL
  2. Jun 8, 2000Introduced · CITY COUNCIL
  3. Jun 14, 2000HEARING HELD · Committee of the Whole
  4. Jun 14, 2000REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee of the Whole
  5. Jun 14, 2000AMENDED · Committee of the Whole
  6. Jun 15, 2000ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
  7. Jun 15, 2000SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
  8. Jun 15, 2000ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR · CITY COUNCIL
  9. Jun 22, 2000READ · CITY COUNCIL
  10. Jun 22, 2000PASSED · CITY COUNCIL
  11. Sep 14, 2000SIGNED · MAYOR

Official documents

Documents open on the City of Philadelphia’s legislative site.

Full text

Read the full text as published

..Title Amending Chapter 19-2800 of The Philadelphia Code, entitled "Pennsylvania Intergovernmental Cooperation Authority Tax on Wages And Net Profits," by exempting certain stock options from the tax, under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Chapter 19-2800 of The Philadelphia Code is hereby amended to read as follows: CHAPTER 19-2800. PENNSYLVANIA INTERGOVERNMENTAL COOPERATION AUTHORITY TAX ON WAGES AND NET PROFITS * * * §19-2802. Definitions. * * * (11) "Salaries, Wages, Commissions and Other Compensation." All salaries, wages, commissions, bonuses, incentive payments, fees and tips that may accrue or be received by an individual, whether indirectly or through an agent and whether in cash or in property, for services rendered, but excluding: * * * (f) Stock options which do not have a readily ascertainable fair market value, as defined by 26 C.F.R. §1.83-7(b), on the date the stock option is granted. Stock options which do have a readily ascertainable fair market value on the date the stock option is granted shall be considered as compensation in the amount of such value and received on such date. If an employee is offered the choice of receiving compensation in cash or compensation in stock options, and chooses stock options, then such stock options shall be deemed to have a readily ascertainable fair market value equal to the amount of cash that was offered. Any amount that would otherwise be considered as compensation arising from the exercise, exchange, sale or disposition of stock options, whether or not they had a readily ascertainable fair market value when granted, shall not be taxable under this Chapter. * * * SECTION 2. The provisions of subsection 19-2802(11)(f) of The Philadelphia Code, as added by Section 1 of this Ordinance, exempting certain stock options from tax, shall apply to only to stock options that are granted after the date this Ordinance takes effect, and to stock options that are exercised, exchanged, sold or otherwise disposed of, on or after the date this Ordinance takes effect. ___________________________________ Explanation: Italics indicate new matter added. 2 c:\program files\daystar office 98\data import\L000451.DOC