As used in this section:
(a) "Income tax revenue" means the total amount withheld under Section 189.06
of the Codified Ordinances by the taxpayer during the taxable year, or during the calendar year that includes the tax period, from the compensation of each employee employed in the project. "Income tax revenue" excludes amounts withheld before the day the taxpayer becomes eligible for the grant.
(b) "Baseline income tax revenue" means income tax revenue except that the applicable withholding period is the twelve months immediately preceding the date the taxpayer's application is filed with the City Manager, multiplied by the sum of one plus an annual pay increase factor to be determined by the City Manager, which may in his discretion be zero but which shall not exceed 0.05 per year (yielding a maximum total annual pay increase multiplier of 1.05). If the taxpayer becomes eligible for the grant after the first day of the taxpayer's taxable year or after the first day of the calendar year that includes the tax period, the taxpayer's baseline income tax revenue for the first such taxable or calendar year of grant eligibility shall be reduced in proportion to the number of days during the taxable or calendar year for which the taxpayer was not eligible for the grant. For subsequent taxable or calendar years, "baseline income tax revenue" equals the unreduced baseline income tax revenue for the preceding taxable or calendar year multiplied by the sum of one plus the pay increase factor.
(c) "Excess income tax revenue" means income tax revenue minus baseline income tax revenue.
(d) "New job" means an employment position created within the grant recipient's last full tax year prior to the date of application for a grant under this Chapter, or to be created not later than the end of the second full tax year following the date of such application. A position is deemed to be a new job if it was subject to a layoff more than 6 months but less than 24 months prior to the date of application and is to be filled under the terms of the project.
(e) "Project" means an expansion of an existing business enterprise, a relocation of a business enterprise, the opening of an additional location of a business enterprise or the creation of a business enterprise, which pays wages that are subject to the tax imposed in Chapter 189
of the Codified Ordinances of the City of Ashtabula.
(Ord. 2010-129. Passed 9-7-10.)