Philadelphia’s Tax Reform Commission proposes a temporary 20-year tax abatement to encourage converting distressed office buildings for new uses. The recommendation, doubling the current 10-year abatement, is part of a 29-page report analyzing the city’s tax structure.

The report also calls for a $15 minimum wage, phasing out the Business Income and Receipts Tax (BIRT), and offering grants or low-interest loans to upgrade office buildings staying in use.

With remote work leaving Center City offices like the Wanamaker largely empty, some buildings — like 1701 Market and 400 Market — are already converting to residential. The commission believes more conversions are needed to revitalize the market.

*Article courtesy of Philadelphia Business Journal

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