Thursday, December 24, 2020
On Dec. 10, 2020, the Philadelphia City Council approved three bills that would change the city’s tax abatement programs and impose a new residential construction tax. As of the date of this writing, Bill No. 200366 has been signed into law by Mayor Jim Kenney; Bill No. 200653 and Bill No. 200556 are awaiting his signature. The three bills passed the City Council with veto-proof margins and will take effect Jan. 1, 2022, substantially impacting real estate developers and affordable housing projects in the city. This GT Alert summarizes the three bills
Bill No. 200366: Extension of Residential Tax Abatement
Under Philadelphia’s long-standing residential tax abatement program, residential property owners may qualify for a 10-year tax abatement on the value of improvements related to new construction and rehabilitated properties. Historically, residential property owners could obtain a 100% tax abatement for 10 years. At the end of 2019
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