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File #: 160810    Version: Name:
Type: Bill Status: ENACTED
File created: 9/22/2016 In control: Committee on Finance
On agenda: Final action: 12/8/2016
Title: Amending Chapter 19-1400 of The Philadelphia Code, entitled "Realty Transfer Tax," by closing certain loopholes, including by amending the definition of "value" as it relates to acquired real estate companies, the definitions of "real estate company" and "acquired real estate company," all under certain terms and conditions.
Sponsors: Councilmember Taubenberger, Council President Clarke, Councilmember Squilla, Councilmember Gym, Councilmember Blackwell, Councilmember O'Neill, Councilmember Parker, Councilmember Henon, Councilmember Reynolds Brown
Attachments: 1. CertifiedCopy16081001.pdf
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
12/20/20161 MAYOR SIGNED   Action details Meeting details Not available
12/8/20161 CITY COUNCIL READ AND PASSEDPass16:0 Action details Meeting details Not available
12/1/20161 CITY COUNCIL ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR   Action details Meeting details Not available
12/1/20161 CITY COUNCIL SUSPEND THE RULES OF THE COUNCILPass  Action details Meeting details Not available
12/1/20161 CITY COUNCIL READ AND ORDERED PLACED ON NEXT WEEK'S SECOND READING CALENDAR   Action details Meeting details Not available
11/29/20160 Committee on Finance HEARING NOTICES SENT   Action details Meeting details Not available
11/29/20160 Committee on Finance HEARING HELD   Action details Meeting details Not available
11/29/20160 Committee on Finance AMENDED   Action details Meeting details Not available
11/29/20161 Committee on Finance REPORTED FAVORABLY, RULE SUSPENSION REQUESTED   Action details Meeting details Not available
9/22/20160 CITY COUNCIL Introduced and ReferredPass  Action details Meeting details Not available
Title
Amending Chapter 19-1400 of The Philadelphia Code, entitled "Realty Transfer Tax," by closing certain loopholes, including by amending the definition of "value" as it relates to acquired real estate companies, the definitions of "real estate company" and "acquired real estate company," all under certain terms and conditions.

Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Chapter 19-1400 of The Philadelphia Code is amended to read as follows:

CHAPTER 19-1400. REALTY TRANSFER TAX.

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§ 19-1402. Definitions.

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(11) Real estate company.

(a) A corporation or association which is primarily engaged in the business of holding, selling or leasing real estate, ninety percent or more of the ownership interest in which is held by thirty-five or fewer persons and which:

(i) derives sixty percent or more of its annual gross receipts from the ownership or disposition of real estate or title to real estate; or

(ii) holds real estate or title to real estate, the value of which comprises fifty percent or more of the value of its entire tangible asset holdings exclusive of tangible assets which are freely transferable and actively traded on an established market; or

* * *

(14) Value.

* * *

(b) In the case of a gift of real estate where the transfer is not arms length, sale by execution upon a judgment or upon the foreclosure of a mortgage by a judicial officer, or upon a deed in lieu of foreclosure, transactions without consideration or for consideration less than the actual monetary worth of the real estate, a lease subject to tax pursuant to § 19-1402(12)(b), an occupancy agreement, a leasehold or possessory interest, any exchange of properties, a transfer by merger, consolidation, or acquisition, a transfer effectuated pursuant to a pl...

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