Bill 150078
Amending Subsection 19-2604(8) of The Philadelphia Code, entitled "'Green Roofs' Tax Credit," to change the requirements for the credit and make other technical changes; 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.
“To the President and members of the Council of the City of Philadelphia, the Committee on Finance, Bill No. 150078, entitled "An ordinance amending Subsection 19-2604, Subparagraph (8) of The Philadelphia Code, entitled 'Green Roofs' Tax Credit,' to change the requirements for the credit and make other technical changes"; and Bill No. 150144, entitled "An ordinance amending Section 2-305 of The Philadelphia Code, ent…”
Chief Clerk · Stated Meeting, March 19, 2015 · Mar 19, 2015 · official transcript, this passage
Status timeline
- Feb 5, 2015Introduced and Referred · CITY COUNCIL
- Mar 16, 2015HEARING NOTICES SENT · Committee on Finance
- Mar 16, 2015HEARING HELD · Committee on Finance
- Mar 16, 2015REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
- Mar 19, 2015ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- Mar 19, 2015SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
- Mar 19, 2015READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
- Mar 26, 2015READ AND PASSED · CITY COUNCIL
- Apr 7, 2015SIGNED · MAYOR
Official documents
Documents open on the City of Philadelphia’s legislative site.
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..Title Amending Subsection 19-2604(8) of The Philadelphia Code, entitled "'Green Roofs' Tax Credit," to change the requirements for the credit and make other technical changes; all 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 INCOME AND RECEIPTS TAXES. * * * § 19-2604. Tax Rates, Credits, and Alternative Tax Computation. * * * (8) "Green Roofs" Tax Credit. * * * (d) Granting of Credits. (1) After the applicant and the Revenue Department have executed the commitment letter, the applicant, after certifying to the Revenue Department that it has completed the green roof in accordance with the plans set forth in the commitment letter, may claim a tax credit of [twenty-five]fifty percent ([25]50%) of all costs actually incurred to construct the green roof, provided that total tax credits for a green roof may not exceed $100,000. Such tax credit shall be applied against the applicant's total business income and receipts tax liability for the Tax Year during which the applicant certifies completion of the green roof, provided that any unused credits may be carried forward until fully used. (2) A business may receive only one set of green roof tax credits per building, but may receive green roof tax credits for each building it owns. (3) In the event that the aggregate amount of tax credits under this subsection (8) to which all businesses are entitled in any tax year under subsection (8)(d)(i) would exceed $1,000,000, the amount of tax credit awarded to any business under subsection (8)(d)(i) shall instead be computed as follows: (A) obtaining a reduction factor by dividing $1,000,000 by the aggregate amount of all tax credits sought in that year under subsection (8)(d)(i); and (B) multiplying the amount of the tax credit to which a business would be entitled under subsection (8)(d)(i) by the reduction factor. * * * SECTION 2. This Ordinance shall take effect for Tax Year 2016. ________________________ Explanation: Italics indicate new matter added. [Brackets] indicate matter deleted. ..End