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City of Philadelphia enacts new economic incentive reporting requirement

The city of Philadelphia recently enacted new economic reporting requirements for businesses receiving credits for new job creation that may be taken against the Philadelphia Business Income and Receipts Tax. Businesses meeting the requirements must file a report, by May 1 of each year, containing the incentives received, the number of employees and the number of jobs created in the previous year. Failure to comply with the new annual reporting requirement will result in penalties including fines and possible suspension or revocation of the business’s commercial activity license.