Bill 040260

..Title Amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," by amending Section 19-1804, entitled "Authorization of Net Income Tax," to further authorize the Board of Education of the School District of Philadelphia to impose a tax on net income from real property and tangible and intangible personal property of residents of the School District of Philadelphia; all under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Chapter 19-1800 of The Philadelphia Code is hereby amended to read as follows: CHAPTER 19-1800. SCHOOL TAX AUTHORIZATION * * * §19-1804. Authorization of Net Income Tax. * * * (2) Imposition of the Tax. (a) Except as excluded in subsection (3), the Board is authorized to impose a tax for the following Fiscal Years for general school purposes, on every person who is a resident of the School District of Philadelphia on the net income from the ownership, lease, sale or other disposition of real property and tangible and intangible personal property, received or credited to said person during the corresponding Tax Year as set forth in the table below, including the net income paid to any beneficiary of a trust or estate and the income of any trust or estate and of which such person is the substantial owner, at the following rates, provided that, in the event the rate of any tax imposed hereunder is determined to exceed any limitation imposed by statute, it is the intent of this ordinance to impose such tax at the maximum permissible rate: For Fiscal Year(s) On Net Income Received or Credited During Tax Year(s) Rate * * * * * * * * * 2004 [and thereafter] 2003 4.4625% 2005 2004 4.4625% 2006 2005 4.3655% 2007 and thereafter The Tax Year Prior to the Fiscal Year The Total Resident Tax Rate under §19-1502(3)(a) for the Tax Year Prior to the Fiscal Year * * * ___________________________________ Explanation: [Brackets] indicate matter deleted. Italics indicate new matter added. ..End 2 2