(a) Council may grant, by ordinance, net profit income tax credits against the City’s income tax under Ohio R.C. 718.15 to taxpayers for a project that will create jobs in the City.
(b) In granting the net profit tax credit the Council shall follow the policies, procedures, and guidelines established under the Ohio Revised Code and in the attached Economic Growth Initiative Fact Sheet and Policies and Procedures.
(c) The net profit income tax credit shall be measured as a percentage of the new net profit tax revenue the City derives from the taxpayer and shall be for a term not exceeding ten (10) years.
(d) The net profit income tax credit shall be based upon a finding by Council that the project:
(1) Will create jobs in the state and the City;
(2) Is economically sound and will benefit the people of the State and the City by increasing opportunities for employment and strengthening the economy of the State and the City; and
(3) Receiving the tax credit is a critical factor in the decision of the taxpayer to go forward with the project.
(e) The City and the taxpayer shall enter into an agreement specifying all the conditions of the credit prior to passing an ordinance granting the local job creation income tax credit.
(Ord. 10-58-2008. Passed 10-7-08.)