Philly Council passes tax abatement reforms; Kenney expected to sign
The changes will usher in a new era for the development community, which did not support the legislation.
Philly Mayor Jim Kenney pushes back rollout of ‘fair workweek’ law as critics cry foul
The Kenney administration postponed the full rollout of the new labor protections to July 1, with part of the law going into effect earlier.
Under threat from mayor, City Council agrees to push back start date of changes to tax abatement
On Thursday, City Council advanced a proposal to phase out the subsidy incrementally for residential construction, with the legislation going into effect on Dec. 31, 2020.
Tax-abatement reforms on track for final Philly Council vote by year’s end
The proposal would reduce the overall tax break by nearly half and generate an estimated $270 million in city revenue over a decade.
Philly’s real estate industry mobilizes to lobby City Council on 10-year tax abatement proposal
The draft bill, proposed by Council President Darrell Clarke, would grant property owners the full 100 percent tax abatement in the first year, then cut the size of the subsidy to 90 percent in the second year, 80 percent in the third year, 70 percent in the fourth year, and so on.
Black-owned firms make up larger share of Philadelphia’s businesses than previously reported
The figure still doesn’t match up with city demographics, where Blacks are 44 percent of the population, whites are 34 percent, Latinos are 15 percent, and Asians are 8 percent.