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 by
From the floor
Passages in the official transcripts that cite this file number. Every quote links to its exact place in the record.
“…perty is under appeal and limiting tax payments due based on certain assessments under appeal"; and Bill No. 180909, entitled "An ordinance 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"; and Bill No. 180935, entitled "An ordinance amending Chapter 19-3200 of The Philadelphia Code, entitled 'Keystone O…”
Chief Clerk · Stated Meeting, December 6, 2018 · Dec 6, 2018 · official transcript, this passage
Status timeline
- Oct 18, 2018Introduced and Referred · CITY COUNCIL
Recorded result: Pass
A motion was made by Councilmember Taubenberger that this matter be Introduced and Referred to the Committee on Finance. The motion carried unanimously.
- Oct 30, 2018HEARING NOTICES SENT · Committee on Finance
- Oct 30, 2018HEARING HELD · Committee on Finance
- Oct 30, 2018AMENDED · Committee on Finance
- Oct 30, 2018RECESSED · Committee on Finance
- Dec 5, 2018HEARING NOTICES SENT · Committee on Finance
- Dec 5, 2018HEARING HELD · Committee on Finance
- Dec 5, 2018AMENDED · Committee on Finance
- Dec 5, 2018REPORTED FAVORABLY, RULE SUSPENSION REQUESTED · Committee on Finance
- Dec 6, 2018ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR · CITY COUNCIL
- Dec 6, 2018SUSPEND THE RULES OF THE COUNCIL · CITY COUNCIL
Recorded result: Pass
A motion was made by Councilmember Blackwell that this matter be SUSPEND THE RULES OF THE COUNCIL. The motion carried unanimously.
- Dec 6, 2018READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR · CITY COUNCIL
- Dec 13, 2018READ AND PASSED · CITY COUNCIL
Recorded result: Pass
A motion was made that this Bill be READ AND PASSED. The motion carried by the following vote:
- Jan 24, 2019NO ACTION TAKEN · MAYOR
This Bill was NO ACTION TAKEN.
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.