Philadelphia City Council has reached a compromise with the Kenny administration on the proposed 1% Construction Tax. In short, the Construction Tax is out.
Instead, Council and Kenney agreed to dedicate additional tax revenue from expiring tax abatements into the City’s Housing Trust Fund, an affordable housing fund, and the City will offer “zoning bonuses” to developers who make voluntary contributions to the Fund. These “zoning bonuses” will allow developers to expand the height, floor area or density of planned development projects.
Read more about the compromise here.
DISCLAIMER: Nothing in this blog is intended or should be construed to constitute legal advice, and readers should not rely on it to solve their individual legal issues. No opinion set forth is endorsed by any law firm and is the sole opinion of the author. For help with any present legal issue, please consult a licensed attorney and do not rely merely on anything set forth in this website.