Official:Amending Chapter 19-1500 of The Philadelphia Code, entitled "Wage and Net Profits Tax," 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: February 3, 2005
Signed: March 17, 2005
: Committee on Commerce & Economic Development
Status: Signed into Law, step 4 of 4
This bill amends a tax credit for businesses that contribute to community development corporations in Philadelphia, allowing them to claim the credit against their net profits tax liability.
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