Bill 040270

..Title Amending Chapter 19-2604 of The Philadelphia Code, entitled "Tax Rates, Credits and Alternative Tax Computation," by making a Job Creation Tax Credit available to certain businesses that create new jobs for ex-offenders in the City of Philadelphia; all under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: (7) Credit for New Job Creation; Pilot Program. (d) Tax Credits. (5) Maximum. The total amount of all tax credits available [in] each year [one] for commitment under subsection (7)(c)(3) shall [not exceed] be equal to at least 1% of all revenues collected by the City through the gross receipts and net income components of the business privilege tax during the previous tax year. (e) Prohibitions. (2) Allocations. Twenty-five percent of all tax credits available in any year under section subsection (7)(d)(5) shall be available for commitment under subsection (7)(c)(3) to businesses with fewer than 25 employees or to create employment opportunities for ex-offenders. * * * SECTION 3. This Ordinance shall take effect immediately. ___________________________________ Explanation: [Brackets] indicate matter deleted. Italics indicate new matter added. ..End