Councilwoman Cindy Bass discussed her proposal to eliminate the 10 year tax abatement in Philadelphia. The tax abatement program in the city goes back to the 1990s, and it was successful in supporting development in Center City.
Councilwoman Bass feels that the program was successful in the past, but it helped only in certain neighborhoods. Now is the time to end this abatement so that funds can be raised to support the Philadelphia school system and to combat poverty in the city. She estimates that cancellation of the abatement will recover $500-$700 million over five years.
Other bills have been introduced that would restrict the abatement in various ways. No hearings have been scheduled on these bills in city Council, and Councilwoman Bass has taken on the task of persuading the Council to hold hearings on her proposal.