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

NYPD looking for man they say assaulted elderly…

      The New York City Police Department is asking for the public's assistance in locating a Hispanic male 20's wanted in connection with…

Local

Three arrested after allegedly assaulting off-duty officer in…

Three men were arrested early Saturday morning after allegedly assaulting an off-duty officer at a Bronx bodega, and the NYPD is asking for the public's…

Local

Healthcare union creates vibrant West Indian Day Parade…

Volunteers worked almost around the clock through the weekend, putting the flashy finishing touches on hundreds of costume pieces 1199SEIU members will wear while marching…

National

Top 10 most hipster college campuses

Hipsters are everywhere these days. You can't walk down the anywhere anymore without seeing a pair of skinny jeans on a handlebar mustachioed 20-something, a…

Arts

Theater: Discouraging 'Poor Behavior'

Theresa Rebeck's latest off-Broadway play, about two couples sparring on a weekend getaway, repeats a few mistakes of her past.

Gossip

Chef Todd English arrested for DWI in the…

Celebrity chef Todd English is facing DWI charges after a traffic stop on Sunday.

Movies

Box office: 'Guardians of the Galaxy' is 2014's…

This weekend "The Guardians of the Galaxy" passed the fourth "Transformers" movie to become the highest grossing film of 2014.

Gossip

Spears back with controversial ex?

Is Briteny Spears back with Adnan Ghalib?

Sports

Novak Djokovic feeds off US Open crowd to…

Novak Djokovic isn't a native New Yorker, but he sure knows how to use the U.S. Open crowd to his advantage.

NFL

Odell Beckham still 'weeks away,' Tom Coughlin angry…

Giants head coach Tom Coughlin has fought a losing battle against the media all preseason over the status of wide receiver Odell Beckham Jr.

NFL

3 things we learned in the Giants preseason…

The final score didn’t matter — a 16-13 win by the Giants — but it would’ve been nice to finally see Big Blue’s new-look offense get on track.

NFL

NFL Power Rankings: Seahawks, Broncos, Patriots, 49ers start…

NFL Power Rankings: Seahawks, Broncos, Patriots start at top

Education

These college students think breakfast is the most…

  It should be no surprise that the city that never sleeps is also home to the most students who like to order food in…

Sex

When it comes to dating, height matters

Does a man’s height really matter when it comes to dating? Unfortunately - according to a new study - the answer looks like it’s yes.…

Travel

10 free apps to make traveling easier

Finding the nearest bathroom, calculating currency exchanges and locating your departure gate must have been difficult for travelers of previous generations. But we wouldn't know,…

Travel

How to get a seat upgrade to business…

It used to be much easier to upgrade your coach seat to business or even first class, but rigid rules and tighter schedules have made…