Construction Tax Approved by Philadelphia City Council
"Philadelphia City Council on Thursday voted to tax new construction projects in order to fund an affordable housing program," reports Holly Otterbein.
Councilmembers voted 9-8 in favor of the tax, three votes short of the veto-proof total of 12. Councilmembers weren't clear, and the Mayor's Office wouldn't comment about any potential veto plans.
"The 1 percent tax on construction, which lawmakers expect to raise as much as $19 million annually, would help finance the city government’s Housing Trust Fund," according to Otterbein. "The fund’s revenues could be used by developers to build housing for those earning up to $105,000 a year."
See an article on the proposed construction tax posted earlier this month for more background.