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City Council Moves to Tax Investors' Holdings in Latest Effort to Boost Revenue Streams

Official:Amending Chapter 19-1100 of The Philadelphia Code (“Personal Property Taxes”) to impose an annual tax on certain intangible personal property, all under certain terms and conditions.

Sponsor: Councilmember Brooks

Introduced: June 11, 2020

: Committee on Finance

financeinvestmenttaxation

No one voted on this bill

This bill was introduced in the 2020–2023 Council term and when that term ran out. The public record shows no committee vote and no floor vote at any stage, so no member of Council ever went on record for or against it.

That is not unusual here. Of the 8,465 bills introduced between 2000 and 2025, 1,624 lapsed without a single recorded vote. Ninety percent of bills that became law carry a roll call. Three percent of lapsed bills do. How this works.

Plain-Language Summary

This bill proposes a new tax on certain types of investments held by Philadelphia residents, such as stocks and bonds, with the revenue generated to be used for city purposes.

What This Bill Does

AI-written. Every figure is checked against the bill text.

Imposes an annual tax on the value of intangible personal property owned by natural persons resident in Philadelphia, including stocks, bonds, and other financial instruments.
Defines intangible personal property to exclude certain types of financial instruments, such as public loans, savings deposits, and tax-qualified retirement accounts.
Imposes the tax on the value of intangible personal property, with no mention of a specific tax rate or revenue allocation.
Begins the tax in 2020, with no information on how the tax will be collected or enforced.