City Councilman At-Large W. Wilson Goode, Jr. has introduced the CDC Tax Credit Expansion Bill. The legislation expands Goode’s CDC Tax Credit Program, which gives tax credits to businesses that contribute to community development corporations (CDCs) engaged in neighborhood economic development.

The CDC Tax Credit Expansion Bill would expand the program from 25 to 30 partnerships - with businesses contributing $1 million over 10 years for a full credit against business privilege tax liability. The expanded program would bring at least $5 million more in private investment to Philadelphia’s economically distressed communities over the next decade – but the return on the investment is more likely to exceed $10 million.