Bill 040023-A
Amending Section 19-2604 of The Philadelphia Code, relating to tax rates, credits and alternative tax computation for the business privilege tax, by reducing certain tax rates; all under certain terms and conditions.
Introduced by
From the floor
Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.
“Thank you, Madam President. I'm going to call for special Special Meeting - 7/1/04 consideration of Bill 040023-A at this time. I know that a special meeting under the rules of Council that we're only supposed to deal with those issues that have been advertised, but also under those same rules, by a two-thirds vote it's appropriate that we can vote on a bill. Since the business privilege tax cut bill was just defeate…”
Councilman Goode · Stated Meeting, July 1, 2004 · Jul 1, 2004 · official transcript, this passage
“No. Just the one bill, Bill Number 040023-A. This is on the motion to consider the bill at this time.”
Council President Verna · Stated Meeting, July 1, 2004 · Jul 1, 2004 · official transcript, this passage
“Bill Number 040023-A, an ordinance amending Section 19-2604 of The Philadelphia Code, relating to tax rates, credits and alternate tax computation for the business privilege tax, by reducing the tax, all under certain terms and conditions.”
Chief Clerk · Stated Meeting, July 1, 2004 · Jul 1, 2004 · official transcript, this passage
Status timeline
- Jan 22, 2004Referred · CITY COUNCIL
- Jan 22, 2004Introduced · CITY COUNCIL
- Jun 8, 2004HEARING NOTICES SENT · Committee on Finance
- Jun 8, 2004HEARING HELD · Committee on Finance
- Jun 8, 2004AMENDED · Committee on Finance
- Jun 8, 2004REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
- Jun 10, 2004ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- Jun 10, 2004SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- Jun 10, 2004ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR · CITY COUNCIL
- Jun 21, 2004READ · CITY COUNCIL
- Jun 21, 2004ORDERED PLACED ON FINAL PASSAGE CALENDAR FOR NEXT MEETING. · CITY COUNCIL
- Jun 21, 2004AMENDED · CITY COUNCIL
- Jul 1, 2004READ · CITY COUNCIL
- Jul 1, 2004FAILED · CITY COUNCIL
Official documents
Documents open on the City of Philadelphia’s legislative site.
Full text
Read the full text as published
..Title Amending Section 19-2604 of The Philadelphia Code, relating to tax rates, credits and alternative tax computation for the business privilege tax, by reducing certain tax rates; all under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Subsection 1 of Section 19-2604 of The Philadelphia Code is hereby repealed in its entirety, and a new subsection is added that reads as follows: §19-2604. Tax Rates, Credits, and Alternative Tax Computation. (1) Every business shall pay an annual tax on each dollar of annual receipts at the millage rate shown in the second column of the following chart ("Receipts rate in mills"), and an annual tax on net income at the percentage rate shown in the third column ("Net income rate %"), except that a regulated industry shall only pay an annual tax on each dollar of annual receipts at the millage rate shown in the second column, and in an amount not to exceed the percentage of net income shown in the third column: Tax year (s) Receipts rate in mills Net income rate% 2002 2.40 mills 6.50% 2003 2.30 mills 6.50% 2004 2.10 mills 6.50% 2005 1.90 mills 6.50% 2006 1.75 mills 6.50% 2007 1.50 mills 6.50% 2008 1.00 mills 6.50% 2009 0.5 mills 6.50% 2010 0.0 mills 6.0% 2011 0.0 mills 5.0% 2012 0.0 mills 4.0% 2013 0.0 mills 3.0% 2014 0.0 mills 2.0% 2015 0.0 mills 1.0% 2016 0.0 mills 0.0% IMPACT ON FIVE YEAR PLAN REVENUES (in millions) FY05 Tax Refom Commission Bill No. 040023 Wage Tax -2.32 0.00 BPT - Net Profits 0.00 0.00 BPT - Receipts 0.00 0.00 Partnership deduction -9.45 0.00 FY05 Total -11.77 0.00 FY06 Wage Tax -8.16 0.00 BPT - Net Profits -14.89 0.00 BPT - Receipts 0.00 0.00 Partnership deduction -9.30 0.00 FY06 Total -32.34 0.00 FY07 Wage Tax -8.16 0.00 BPT - Net Profits -30.19 0.00 BPT - Receipts 0.00 -6.35 Partnership deduction -9.65 0.00 FY07 Total -60.52 -6.35 FY08 Wage Tax -39.63 0.00 BPT - Net Profits -46.82 0.00 BPT - Receipts 0.00 -27.06 Partnership deduction -9.75 0.00 FY08 Total -96.20 -27.06 FY09 Wage Tax -60.06 0.00 BPT - Net Profits -63.40 0.00 BPT - Receipts -4.47 -52.20 Partnership deduction -10.15 0.00 FY09 Total -138.09 -52.20 FY05 - FY09 Wage Tax -130.85 0.00 BPT - Net Profits -155.30 0.00 BPT - Receipts -4.47 -85.61 Partnership deduction -48.30 0.00 FY05-09 Total -338.92 -85.61 SECTION 2. Effective dates. This Ordinance shall be effective immediately. _____________________________________ Explanation: [Brackets] indicate matter deleted. Italics indicate new matter added. ..End ?? ?? ?? ??