Councilman Wilson Goode Jr. has decided to withdraw one of two bills he introduced yesterday. Both bills sought to limit the ten year tax abatement for new construction, but only one of them allocated money to the School District. Councilman Goode Jr. is withdrawing the other bill in the hopes that the school funding bill will pass.
Instead of abating taxes completely, owners of new or improved property would still be responsible for the 55% of property taxes that goes to the schools. This would effectively mean a 45% tax abatement for ten years.
Though many who support the tax abatement say that it's necessary to bring development back to Philadelphia, Councilman Goode Jr. disagrees: "...why take money from needy schools for the tax abatement? In the end, who has the greater need? The kids do.", he said, framing it as a question of priorities.
· New School Friendly Tax Abatement Plan in the Works [Philly.com]