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BillENACTED

Bill 180909

Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," by extending the period that Net Operating Losses can be carried, all under certain terms and conditions.

Introduced Oct 18, 2018Committee on FinanceOfficial record: City of Philadelphia via Legistar

Introduced by

Councilmember TaubenbergerCouncilmember TaubenbergerCouncilmember TaubenbergerCouncilmember DombCouncilmember DombCouncilmember Domb

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. 171009, entitled "An ordinance amending Section 19-1303 of The Philadelphia Code, entitled 'Discounts and Additions to Tax,' by tolling additions, interest and penalties on real estate when the assessed value of property is under appeal and limiting tax payments due based on certain assessments under appeal"; and Bill No. 180909, entitled "An ordinance amending…”

    Chief Clerk · Stated Meeting, December 6, 2018 · Dec 6, 2018 · official transcript, this passage

Status timeline

  1. Oct 18, 2018Introduced and Referred · CITY COUNCIL
  2. Oct 30, 2018HEARING NOTICES SENT · Committee on Finance
  3. Oct 30, 2018HEARING HELD · Committee on Finance
  4. Oct 30, 2018AMENDED · Committee on Finance
  5. Oct 30, 2018RECESSED · Committee on Finance
  6. Dec 5, 2018HEARING NOTICES SENT · Committee on Finance
  7. Dec 5, 2018HEARING HELD · Committee on Finance
  8. Dec 5, 2018AMENDED · Committee on Finance
  9. Dec 5, 2018REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
  10. Dec 6, 2018ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
  11. Dec 6, 2018SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
  12. Dec 6, 2018READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
  13. Dec 13, 2018READ AND PASSED · CITY COUNCIL
  14. Jan 24, 2019NO ACTION TAKEN · MAYOR

Official documents

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

Full text

Read the full text as published

..Title Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Income and Receipts Taxes," by extending the period that Net Operating Losses can be carried, 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 § 19-2601. Definitions. * * * Net Operating Loss. * * * (2) Net operating losses incurred in another tax period may be carried over for [three (3)] twenty (20) tax years following the year in which [it was] they were incurred, provided that this authorization applies only to losses incurred on or after the date that the ordinance enacting this clause becomes effective. Net operating losses incurred prior to such effective date may be carried over for three (3) tax years following the year in which they were incurred. The earliest net loss shall be carried over to the earliest taxable year to which it may be carried. * * * SECTION 2. Effective Date. This ordinance shall take effect upon the enactment of authorizing legislation by the Pennsylvania General Assembly. ___________________________________ Explanation: [Brackets] indicate matter deleted. Italics indicate new matter added.