Nutter signs 2 bills lessening Phila. business taxes
Tue, 11/15/2011 - 10:52
- Jeff Blumenthal
- Reporter - Philadelphia Business Journal
- Philadelphia Mayor Michael Nutter has signed two pieces of legislation to ease the business tax burden.
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One bill sponsored by City Councilwoman Maria Quiñones-Sánchez and Councilman Bill Green has three components: a phased in exclusion of the first $100,000 in gross receipts from the business privilege tax (BPT) and a proportionate share of the net income from BPT; a change in the net income portion of the BPT from being based on the amount of sales, property and payroll a company has in Philadelphia to the sales the company has in Philadelphia. This reform is commonly called the single sales factor apportionment.
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