Official:Amending Chapter 19-2600 of The Philadelphia Code, entitled "Business Privilege Taxes," by providing for the calculation of the credit against net profits tax based upon net income tax liability, where a credit is received against net income tax for contributions to community development corporations undertaking economic development activities within the City of Philadelphia; all under certain terms and conditions.
Sponsor: Councilmember Goode
Introduced: December 9, 2004
Signed: February 17, 2005
: Committee on Commerce & Economic Development
Status: Signed into Law, step 4 of 4
This bill allows businesses to claim a tax credit against their net profits tax liability if they contribute to community development corporations that support economic development in Philadelphia.
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