LEGISLATIVE UPDATE: Proposal to Reduce Taxes Introduced in Philadelphia City Council
April 13, 2021
April 13, 2021
Philadelphia City Councilmember Allan Domb introduced three bills that would lower certain business taxes in Philadelphia. The bills would make the following changes to the city’s tax structure:
Councilmember Domb believes that these changes are necessary to spur economic recovery and he estimates that the city would lose $60 to $75 million in annual revenue with these tax decreases. A potential timeframe for hearings is still uncertain. Other councilmembers have also begun to discuss the need for long-term tax restructuring. For example, Councilmember Derek Green introduced a resolution that would authorize hearings to examine land-value taxation. Meanwhile, Mayor Kenney has signaled that he will offer some form of tax relief in his budget proposal that he will present to City Council on Thursday, April 15. We will monitor these bills closely since they would have significant ramifications on the Philadelphia business community.
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