Amending Chapter 19-1100 of The Philadelphia Code ("Personal Property Taxes") by deleting all existing Sections and replacing them with an annual tax on certain intangible personal property, all under certain terms and conditions.

Amending Chapter 19-1100 of The Philadelphia Code (“Personal Property Taxes”) by deleting all existing Sections and replacing them with an annual tax on certain intangible personal property, all under certain terms and conditions. THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Chapter 19-1100 of The Philadelphia Code is hereby deleted in its entirety and replaced with the following: CHAPTER 1100. PERSONAL PROPERTY TAXES § 19-1101. Imposition and Rate of Tax. (1) A tax is hereby imposed on the value of intangible personal property above such property valued at $100,000 owned by a natural person resident in the City of Philadelphia. (2) Intangible personal property means all personal property which is not in itself intrinsically valuable, but which derives its chief value from that which it represents, including, but not limited to, the following: (a) All stocks or shares of incorporated or unincorporated companies, business trusts, and mutual funds. (b) All notes, bonds, and other obligations for the payment of money, and (c) All comparable financial instruments, whether or not publicly traded. (3) Intangible personal property does not include: (a) Public loans issued by this Commonwealth or the United States, and public loans and obligations of any county, city, borough, town, township, school district and incorporated district of this Commonwealth and bonds Obligations of bodies corporate and public of this Commonwealth known as municipal authorities. (b)…