Bigger tax credits for job creators in Philly

Wilson Goode Jr.

A bill — sponsored by Councilman Wilson Goode Jr. — that would boost the city’s Job Creation Tax Credit Program by raising the amount of the credit from $3,000 to $5,000 for each new job created during the tax years 2012 and 2013 passed out of a City Council committee yesterday.

“We still believe that the Job Creation Tax Credit Program established in 2002 encourages businesses to expand employment within the City of Philadelphia,” Tilahun Afessa of the Department of Revenue testified.

The program is meant to encourage businesses to hire more people in the city by offering a credit to offset companies’ business taxes for each new job created in Philadelphia. All sizes and types of businesses within city limits are eligible.

Sixty-six firms have participated in the program through 2010, pledging to create 4,581 jobs. 1,032 of those have been certified as created, and $1,636,297 in tax certificates have been issued.

Despite the seemingly high price tag, the relative cost to the city is not steep. 

“The annual amount of credit available under this program is limited to one percent of the prior year Business Privilege Tax collection,” Afessa said. “So far, the total credits that have been awarded each year have been far less than the limit.”



News
Entertainment
Sports
Lifestyle
Local

Mayor reveals new tech hub Digital.NYC

Mayor Bill de Blasio revealed Digital.NYC on Wednesday, a new online platform aimed at connecting all things tech in New York City. The public-private partnership…

Local

Falling debris hits two men in Times Square

Two men were taken to the hospital Wednesday morning after being hit by falling debris from 110 feet above Times Square. Nancy Greco from the…

Local

Queens Assemblyman William Scarborough accused of misusing campaign…

Queens Assemblyman William Scarborough has been indicted on state and federal charges for allegedly withdrawing campaign funds as cash for personal use. Scarborough, a Democrat…

News

U.S. Secret Service director Pierson resigns under fire

U.S. Secret Service Director Julia Pierson resigned under fire on Wednesday after a series of security lapses came to light.

Television

TV watch list, Wednesday, Oct. 1: 'Criminal Minds,'…

The "Criminal Minds" team adds some supernatural assistance, as the "Ghost Whisperer" herself, Jennifer Love Hewitt, joins the show. She's playing an FBI agent, but you never know when someone…

Music

See the most popular Pandora station in your…

Who knew Bachata music was so popular?

The Word

The Word: Twilight just won't die

You thought our "Twilight" days were behind us, didn't you? Well think again. Series creator Stephenie Meyer (who would rather you not ask about "Twilight"…

Going Out

Which NYC restaurant lost its three-star Michelin rating?

A record 73 restaurants in New York City collected coveted Michelin stars on Tuesday as a mix of trendy spots and fine-dining stalwarts underscored the…

NFL

Rex Ryan fields more questions about Geno Smith,…

The idea Geno Smith will be replaced by backup Michael Vick appears to be all smoke, as the Jets are intent to ride with their second-round draft pick.

NFL

Will Beatty playing like franchise left tackle again…

Left tackle Will Beatty, who is the elder-statesman of Giants’ line, has turned around his season and become a consistent force on Manning’s blindside.

NFL

John Conner back with Jets for second stint

He'll be back. It's "Terminator 2" for the Jets, who brought back John Conner to the team on Tuesday after placing fullback Tommy Bohanon on…

NFL

Fantasy football: Ben Tate to break out, Larry…

Fantasy football: Ben Tate to break out, Larry Donnell will stay solid

Career

Creating a support system for minority women in…

When Kathryn Finney founded digitalundivided — an organization devoted to engaging minority communities with the tech world — she didn’t know quite what to expect.…

Sex

We can learn a lot from animals about…

There’s a lot we can learn about love from the birds and the bees — and the chickens, monkeys and squirrels that we share the…

Style

Saint Laurent

Our review of the Saint Laurent Spring '15 show at Paris Fashion Week.

Style

Céline: Paris Fashion Week Spring 2015

Our review of the Celine Spring '15 show during Paris Fashion Week.