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BillENACTED

Bill 140884

Amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," by modifying the definition of "Net Income" with respect to distributions from S corporations; all under certain terms and conditions.

Introduced Nov 13, 2014Committee on FinanceOfficial record: City of Philadelphia via Legistar

Introduced by

Councilmember Kenney

From the floor

Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.

  1. “…r the exemption in the first year that it was available, but who missed the deadline to apply"; and Bill No. 140884, entitled "An ordinance amending Chapter 19-1800 of The Philadelphia Code, entitled 'School Tax Authorization,' by modifying the definition of 'Net Income' with respect to distributions from S corporations," respectfully reports it has considered the same and returns the attached bills to Council with a…”

    Chief Clerk · Stated Meeting, December 4, 2014 · Dec 4, 2014 · official transcript, this passage

Status timeline

  1. Nov 13, 2014
    Introduced and Referred · CITY COUNCIL

    Recorded result: Pass

    A motion was made by Councilmember Kenney that this matter be Introduced and Referred to the Committee on Finance. The motion carried unanimously.

  2. Dec 1, 2014
    HEARING NOTICES SENT · Committee on Finance
  3. Dec 1, 2014
    HEARING HELD · Committee on Finance
  4. Dec 1, 2014
    REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
  5. Dec 4, 2014
    ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
  6. Dec 4, 2014
    SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL

    Recorded result: Pass

    A motion was made by Councilmember Tasco that this matter be SUSPEND THE RULES OF THE COUNCIL. The motion carried unanimously.

  7. Dec 4, 2014
    READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
  8. Dec 11, 2014
    READ AND PASSED · CITY COUNCIL

    Recorded result: Pass

    A motion was made that this matter be READ AND PASSED. The motion carried by the following vote:

  9. Dec 19, 2014
    SIGNED · MAYOR

Official documents

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

Full text

Read the full text as published

..Title Amending Chapter 19-1800 of The Philadelphia Code, entitled "School Tax Authorization," by modifying the definition of "Net Income" with respect to distributions from S corporations; all under certain terms and conditions. ..Body THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Chapter 19-1800 of The Philadelphia Code is hereby amended to read as follows: CHAPTER 19-1800. SCHOOL TAX AUTHORIZATION. * * * § 19-1804. Authorization of Net Income Tax. (1) The following words shall be construed in this Section to have the following meanings, except where the context clearly indicates otherwise: * * * (c) "Net Income" shall be determined after provision of all allocable and reasonable costs and expenses paid in the production of income, but no provision shall be made in this determination for any taxes. Net Income shall not be treated as "received or credited" from an S corporation (as defined in 26 U.S.C. 1361) for purposes of subsection 19-1804(2)(a) until actually distributed. * * * SECTION 2. This Ordinance shall take effect for Tax Year 2015. ________________________ Explanation: Italics indicate new matter added. ..End