Amending Chapter 19-2600 of The Philadelphia Code ("Business Income and Receipts Taxes") to increase the amount of exemption from the receipts portion of the Business Income and Receipts Tax, under certain terms and conditions.

Amending Chapter 19-2600 of The Philadelphia Code (“Business Income and Receipts Taxes”) to increase the amount of exemption from the receipts portion of the Business Income and Receipts Tax, under certain terms and conditions. THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Title 19 of The Philadelphia Code is hereby amended to read as follows: TITLE 19. FINANCE, TAXES AND COLLECTIONS * * * CHAPTER 19-2600. BUSINESS INCOME AND RECEIPTS TAXES § 19-2601. Definitions. In addition to the definitions provided in the Act of May 30, 1984, P.L. 345, No. 69, known as the First Class City Business Tax Reform Act, and Chapter 19-500 of this Title, the following definitions shall apply: * * * Receipts. Cash, credits, property of any kind or nature, received from conducting any business or by reason of any sale made, including resales of goods, wares or merchandise taken by a dealer as a trade-in or as part payment for other goods, wares or merchandise or services rendered or commercial or business transactions, without deduction therefrom on account of the cost of property sold, materials used, labor, service or other cost, interest or discount paid or any other expense. For the purpose of determining receipts from the business of insurance, such receipts shall mean those from premiums received from risks within the city of the first class, whether by mutual or stock companies, domestic or foreign, without any deductions therefrom for any cost or expenses whatsoever; …