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BillENACTED

Bill 140884

Amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," by modifying the definition of "Net Income" with respect to distributions from S corporations; all under certain terms and conditions.

Introduced Nov 13, 2014Committee on FinanceOfficial record: City of Philadelphia via Legistar

Introduced by

Councilmember Kenney

From the floor

Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.

  1. “The Committee on Finance, to which was referred Bill No. 140209, entitled "An ordinance amending Chapter 19-2600 of The Philadelphia Code, entitled 'Business Income and Receipts Taxes,' by providing for certain exclusions and deferrals relating to businesses distressed as a result of nearby public works projects"; and Bill No. 140828, entitled "An ordinance amending Chapter 19-3900 of The Philadelphia Code, entitled…”

    Chief Clerk · Stated Meeting, December 4, 2014 · Dec 4, 2014 · official transcript, this passage

Status timeline

  1. Nov 13, 2014Introduced and Referred · CITY COUNCIL
  2. Dec 1, 2014HEARING NOTICES SENT · Committee on Finance
  3. Dec 1, 2014HEARING HELD · Committee on Finance
  4. Dec 1, 2014REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
  5. Dec 4, 2014ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
  6. Dec 4, 2014SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
  7. Dec 4, 2014READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
  8. Dec 11, 2014READ AND PASSED · CITY COUNCIL
  9. Dec 19, 2014SIGNED · MAYOR

Official documents

Documents open on the City of Philadelphia’s legislative site.

Full text

Read the full text as published

..Title Amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," by modifying the definition of "Net Income" with respect to distributions from S corporations; 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. (1) The following words shall be construed in this Section to have the following meanings, except where the context clearly indicates otherwise: * * * (c) "Net Income" shall be determined after provision of all allocable and reasonable costs and expenses paid in the production of income, but no provision shall be made in this determination for any taxes. Net Income shall not be treated as "received or credited" from an S corporation (as defined in 26 U.S.C. 1361) for purposes of subsection 19-1804(2)(a) until actually distributed. * * * SECTION 2. This Ordinance shall take effect for Tax Year 2015. ________________________ Explanation: Italics indicate new matter added. ..End