Philly Council moves to phase down abatement after abandoning cap on tax break

The new revenue generated by the 1% tax on residential development is intended to send millions of dollars towards new affordable housing projects.

City Council is close to an agreement on a bill that would create a new tax on residential construction and push back a change to the city’s controversial development subsidy.

Philadelphia’s 10-year property tax abatement on residential construction could be dramatically different by the end of this year.