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City of Philadelphia – Update as to Tax Abatements and Construction Taxes
By Robert W. Gundlach Jr.
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On December 1, 2020, Philadelphia City Council voted out the committee of the whole, tax abatement and construction tax Bills. The Committee recommended:
- A reduction to the commercial/industrial tax abatement: 90% for 10 years with an effective date of January 1, 2022.
- A 1% tax on residential construction and has been renamed the “Development Impact Tax”. This tax will become effective on January 1, 202
- A delay in the reduction of the residential tax abatement program to January 1, 2022.
If you have any questions regarding the available tax abatement programs in Philadelphia, or the surrounding suburbs, please contact Rob Gundlach at rgundlach@foxrothschild.com or 215.918.3636 or Carrie Nase at cnase@foxrothschild.com or 215.918.3646.
