Philadelphia, PA – Philadelphia City Councilman Allan Domb (At Large) introduced legislation on Thursday that would require the City to regularly examine the tax exemptions and incentives offered in Philadelphia and to provide a report that illustrates the economic impact of such benefits.
“Our government has a unique role in supporting the local and regional economy and we must be strategic with our efforts to generate effective growth,” said Councilman Domb.
“I am adamant about bringing business efficiencies into City government and this evaluation is equivalent to a company’s performance review. We owe it to our stakeholders – the taxpayers – to better understand what is working and what needs to be improved.”
The legislation stemmed as a result of a Pew Charitable Trusts report that showed Philadelphia offers the largest variety of tax incentives and exemptions among the nation’s major cities; however, only Washington, D.C. and New York City produce a comprehensive accounting of their tax expenditures. Council President Darrell L. Clarke (5th District) previously called for City Council to hold hearings on this issue.
“Two recent Pew Charitable Trusts reports show that Philadelphia is more generous than peer cities with business tax incentives, and also an increasingly affordable place to live due to steady reductions in residential taxes,” Council President Darrell L. Clarke said. “As we work to fortify the City against future economic storms like recessions, we must more closely monitor and track revenues collected and foregone. I thank Councilman Domb for his dogged advocacy on behalf of taxpayers.”
Council President Clarke along with Councilman Bill Greenlee (At Large) co-sponsored the legislation.
“I believe it’s vitally important that Council stay very informed concerning all these important economic issues critical to our city,” said Councilman Greenlee.
The bill will be referred to the appropriate City Council Committee.
Read the Pew report: Philadelphia Business Taxes: Incentives and Exemptions.
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Councilman Allan Domb is serving his first term as an At-Large member of Philadelphia City Council. He is chair of Council’s Committee on Housing, Neighborhood Development and the Homeless. More information at phlcouncil.com/AllanDomb