Real Estate
Philadelphia Jobs Credit Bill
In 1998 Pennsylvania adopted laws permitting establishment of areas in which businesses could operate free of virtually all state and local taxes. Such areas, known as Keystone Opportunity Zones, were designed to encourage economic activity in neighborhoods or districts which are blighted, deteriorated, and improverished. In 2003, a KOZ was proposed for one of the most valuable areas in Center City. We represented a group comprised of the owners of virtually all first-class office buildings in Center City which opposed establishment of the KOZ in the heart of Center City. Our work included the development and negotiation of various alternative proposals. Among the latter, we drafted a jobs credit bill designed to encourage new business activity and job creation in Philadelphia. We met with City Council members about the jobs credit bill and testified about the bill in open hearings before City Council. The jobs credit bill which was passed unanimously by City Council in October, 2004 was amended in November and was signed by the Mayor on November 9, 2004.