In January, Philadelphia Department of Revenue will hold application lottery for business taxpayers interested in applying for the Community Development Corporation (CDC) Tax Credit.
This program offers a tax credit to businesses that contribute to economic development efforts. Businesses receive a tax credit against their Business Income and Receipts Tax (BIRT) obligation for a contribution to a qualifying Community Development Corporation. A qualifying CDC is a 501c3 nonprofit organization that engages in community and economic development activities primarily within the City of Philadelphia.
- Currently the program has one available opening for a qualifying CDC to receive a $100,000 per year for ten years.
- Up to two businesses can partner to sponsor a qualifying CDC, jointly contributing $100,000 annually.
Rules for Application Submissions
- On January 12th, businesses can submit their applications to be entered in the lottery. Businesses will not be able to submit applications prior to January 12th. The application must be hand delivered to Room 480, in the Municipal Services Building on January 12, 2017 between 8:00 am and 4:30 pm. The application can be delivered by either the Business Sponsor, CDC or Courier. A time stamped receipt will be given upon request.
- Any applications received after 4:30 p.m. on January 12th will not be part of the lottery process.
- Chosen applicants will be required to complete a Contribution Agreement with the Philadelphia Department of Revenue.
- If there are more applications then available slots, on the first day, then a random drawing/lottery takes place by the Philadelphia Department of Revenue.
Photo credit: J. Fusco for Visit Philadelphia.
This content originally appeared as a news item on www.phila.gov/revenue.