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GOODE to extend Job Creation Tax Credit Opportunity
City Councilman At-Large W. Wilson Goode, Jr. has introduced the “Job Creation Opportunity Extension Bill”. The legislation extends a two-year employment stimulus program under which a credit against the City's business privilege taxes will be given to businesses that create new jobs within the City of Philadelphia. The businesses will receive a $3000 credit for each new job created for tax years 2012 and 2013, in addition to 2010 and 2011.
The Job Creation Tax Credit Program was established in May 2002 to encourage businesses to expand employment within the City of Philadelphia. It is based on the Commonwealth of Pennsylvania’s Job Creation Tax Credit program and offers a credit against the firm’s Business Privilege Tax liability for each new job created. The program can be utilized by companies of any type or size located anywhere in the city.
Through 2009, 60 firms have participated in the program, promising the creation of 4,463 jobs. The five year period allowed by the initial ordinance to create new jobs has expired for 22 of these 60 firms. As a result, the promised job creation may be reduced from 4,463 to 2,790. To date, 1,026 jobs have been certified as created, resulting in the issuance of $1,630,297 in tax certificates, of which $1,502,322 has been claimed.
Following certification of job creation, participating firms are awarded certificates for the tax credit, either $1,000 or 2% of the annual wage for each job created (for applicants filing after 6/11/2009, the credit is either $3,000 or 2% of annual wages paid for each job created in 2010 and 2011).
This legislation will help to create more jobs within Philadelphia. As we work toward economic recovery, business and job growth will require the right kind of financial stimulus. The extension of this effort would expand upon the almost 2800 jobs to be created under my existing program.