The Village, by ordinance, may grant a refundable or nonrefundable credit against its tax on income to a taxpayer for the purpose of fostering job retention in the municipality. If a credit is granted under this section, it shall be measured as a percentage of the income tax revenue the municipality derives from the retained employees of the taxpayer, and shall be for a term not exceeding fifteen years. Before the Village passes an ordinance granting a credit, the Village and the taxpayer shall enter into an agreement specifying all the conditions of the credit.
(Ord. 2020-10-25. Passed 10-13-20.)