Bill 110373
Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," by providing for certain exclusions relating to investments made under the federal New Market Tax Credit program, 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.
“110348, entitled "An ordinance approving the thirty-ninth amendment of the redevelopment proposal for the Model Cities Urban Renewal Area, being the area beginning at the northwest corner of Front Street and Spring Garden Street, which provides, inter alia, for the additional land acquisition of approximately fifty five properties for residential, institutional and related uses"; and Bill No. 110377, entitled "An ord…”
Chief Clerk · Stated Meeting, June 16, 2011 · Jun 16, 2011 · official transcript, this passage
“The Committee on Finance, to which was referred Bill No. 110229, entitled "An ordinance amending Section 1108 of Chapter 21-1100 of The financing mixed-use projects on or around commercial corridors"; and Bill No. 110297, entitled "An ordinance authorizing the City Treasurer, on behalf of the City, to enter into an agreement with Wells Fargo Bank for provision of payroll banking services to the City"; and Bill No. 11…”
Chief Clerk · Stated Meeting, June 9, 2011 · Jun 9, 2011 · official transcript, this passage
Status timeline
- May 12, 2011Introduced and Referred · CITY COUNCIL
- Jun 6, 2011HEARING NOTICES SENT · Committee on Finance
- Jun 6, 2011HEARING HELD · Committee on Finance
- Jun 6, 2011AMENDED · Committee on Finance
- Jun 6, 2011REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
- Jun 9, 2011ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- Jun 9, 2011SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- Jun 9, 2011ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR · CITY COUNCIL
- Jun 16, 2011READ AND PASSED · CITY COUNCIL
- Jul 5, 2011SIGNED · MAYOR
Official documents
Documents open on the City of Philadelphia’s legislative site.
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..Title Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," by providing for certain exclusions relating to investments made under the federal New Market Tax Credit program, under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Chapter 19-2600 of The Philadelphia Code is hereby amended to read as follows: CHAPTER 19-2600. BUSINESS PRIVILEGE TAXES. §19-2601. Definitions. In addition to the definitions provided in the Act of May 30, 1984, P.L. 345, No. 69, known as the First Class City Business Tax Reform Act, and Chapter 19-500 of this Title, the following definitions shall apply: * * * Receipts. Cash, credits, property of any kind or nature, received from conducting any business or by reason of any sale made, including resales of goods, wares or merchandise taken by a dealer as a trade-in or as part payment for other goods, wares or merchandise or services rendered or commercial or business transactions, without deduction therefrom on account of the cost of property sold, materials used, labor, service or other cost, interest or discount paid or any other expense. For the purpose of determining receipts from the business of insurance, such receipts shall mean those from premiums received from risks within the city of the first class, whether by mutual or stock companies, domestic or foreign, without any deductions therefrom for any cost or expenses whatsoever; except, premiums shall not include return premiums, dividends paid or credited to policyholders, if such dividends are in the nature of an adjustment of the premiums charged, and premiums received for reinsurance. Receipts from a person engaged in the business of insurance shall also include receipts from rental real estate situated in cities of the first class, but shall not include interest, dividend and capital gain receipts. Nothing in this definition shall preclude the taxation of other nonpremium business receipts of persons engaged in the business of insurance. Receipts of any business shall exclude: * * * (13) For the tax year 2011 and thereafter, any interest or fees received on loans made under the federal New Market Tax Credit program, section 45D of the Internal Revenue Code, 26 U.S.C. § 45D. SECTION 2. This Ordinance shall take effect beginning with Tax Year 2011. ______________________ Explanation: [Brackets] indicate matter deleted. Italics indicate new matter added. ..End