The City Manager may make grants under this Chapter to foster job creation in the City of Ashtabula. Such a grant may take the form of a refundable credit allowed against the tax imposed by Chapter 189
of the Codified Ordinances.
(a) The grant shall only be claimed for the taxable years or tax periods specified in the grant recipient 's agreement with the City Manager under Section 193.03
.
(b) The amount of the grant available for a taxable year or for a calendar year that includes a tax period equals the excess income tax revenue for that year multiplied by the percentage specified in the agreement.
(Ord. 2010-129. Passed 9-7-10.)