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Philadelphia City Council Extends Keystone Opportunity Zone Tax Benefits for Designated Parcels

  • When: 2025/06/12
  • Address: Citywide, Philadelphia, PA
  • City: Philadelphia
  • State: PA
  • Category: Economic Development Incentives
  • Subcategory: Neighborhood Enterprise Zone (NEZ)
  • Asset Class: Land
  • Property Type: Opportunity Zones
  • Planning Department: True

The Philadelphia City Council has enacted Bill No. 250332, amending Chapter 19-3200 of The Philadelphia Code. This amendment extends existing benefits under the Keystone Opportunity Zone (KOZ), Economic Development District, and Strategic Development Area programs. The extension provides continued exemptions, abatements, or credits on sales and use tax, personal income tax, corporate net income tax, and capital stock franchise tax for businesses and residents within designated parcels. Specific properties, including 1050 Constitution Avenue and 351 Rouse Boulevard, are among those eligible for these extended benefits. The ordinance aims to further promote economic development and investment in these areas.

Source

City Representative - Councilmember Johnson