PHILADELPHIA (CBS) — There’s new information in the plan to phase out Philadelphia’s tax abatement for new residential constructions. City Council President Darrell Clarke has reached an agreement with Mayor Jim Kenney to delay the implementation date until Dec. 31, 2020.
Council voted unanimously earlier this week to gradually phase out the abatement, cutting it by 10% per year over a decade, but they wanted it to start in six months.
Supporters say it will generate much-needed cash for school and city services.
A final vote will be held next week.