Resolution 020655

..Title Calling upon the Street administration to immediately implement the "New Jobs Tax Credit" legislation unanimously approved by City Council on April 18, 2002. ..Body WHEREAS, The City of Philadelphia's current tax structure presents a competitive disadvantage to the City in retaining and expanding businesses; and WHEREAS, A rise in the city's unemployment rate reached 7.9 percent in July, thus illustrating the continued sluggishness of the city's economic situation; and WHEREAS, The City Controller, in his 2001 Tax Structure Analysis Report, recommended the implementation of a Job Creation Tax Credit based on the Commonwealth of Pennsylvania's existing program; and WHEREAS, The Federal government successfully operates such incentive programs through the Work Opportunity Tax Credit, the Federal Empowerment Zone Wage Tax Credit and the Welfare to Work Tax Credit; and WHEREAS, These and other active labor market policies have shown themselves to be successful generators of employment opportunities; and WHEREAS, The Philadelphia Inquirer, in its October 19 editorial, "Voters and Issues," cited Citizens Voices forums in which voters had a "preference for boosting homegrown small businesses"; now therefore RESOLVED, THAT THE COUNCIL OF THE CITY OF PHILADELPHIA, Calls upon the Street Administration to immediately implement the "New Jobs Tax Credit" legislation unanimously approved by City Council on April 18, 2002. ..End