Pennsylvania, Community Development Corporation Credit

The Philadelphia Department of Revenue has released a new application to be used by taxpayers claiming the credit against Philadelphia business privilege tax for contributions made to Community Development Corporations and Nonprofit Intermediaries. Philadelphia Bill No. 110561 of 2011 (see State & Local Taxes Weekly , Vol. 22, No. 50, 12/12/2011) amended Philadelphia City Code §19-2604 to increase the number of qualifying organizations that can participate in the Business Privilege Tax Credit Program for Contributions to Community Development Corporations and Nonprofit Intermediaries to 35 (including up to three Nonprofit Intermediaries) from 30. The bill also reduced the annual contribution amount for these new agreements to $85,000 from $100,000. The Department will accept new applications for the 2012 tax year starting May 14, 2012. (Philadelphia Department of Revenue, 04/25/2012.)