Bill 030165

..Title Amending Chapter 19-1500 of The Philadelphia Code, entitled "Wage and Net Profits Tax," by adding a new Section 19-1508, entitled "Tax and Other Funding Assistance," to provide that any new tax or other funding assistance provided to the City or School District of Philadelphia as the result of the Commonwealth of Pennsylvania's enactment of legislation to provide for "local property tax reform" shall be used to reduce the amount of wage and net profits tax liability for resident and non-resident taxpayers. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Chapter 19-1500 of The Philadelphia Code, entitled "Wage and Net Profits Tax," is hereby amended to enact a new section to read as follows: §19-1508. Tax and Other Funding Assistance. (1) The City's receipt of any revenues, grants or other funding as a result of the Commonwealth of Pennsylvania's enacting legislation to provide real estate tax relief throughout the Commonwealth shall be contingent upon those revenues being dedicated to a proportional reduction in the rates of the Wage and Net Profits taxes owed by resident and non-resident taxpayers pursuant to this Chapter. SECTION 2. This Ordinance shall be effective upon the enactment by the Commonwealth of Pennsylvania of legislation to provide additional revenues, grants or other funding to Counties, School Districts or other local taxing authorities contingent upon those taxing authorities reducing the rate or rates of real estate taxes. In no event shall this Ordinance take effect if legislation approved by the Commonwealth requires the City to reduce the rate of tax imposed by Chapter 19-1500 of The Philadelphia Code for City purposes or authorized by Section 19-1801 of The Philadelphia Code for School District purposes. ____________________________ Explanation: Italics indicate new matter added. ..End