forms.
(c) The Director of Finance may conduct an annual audit of each business approved for a tax credit to determine the continued eligibility of the business and to certify that job levels created under these ordinance provisions are sustained for the required periods.
(d) All businesses requesting a tax credit and those granted a tax credit hereunder shall agree to make all their financial records available for inspection and audit by the City and shall provide copies of all annual audited financial statements upon request.
(e) The amount of any approved tax credit shall be reviewed annually by the Director of Finance to determine continued eligibility of the business for the credit. If any credit is based on the creation of new jobs, and, if at any time the number of new jobs is reduced, below the minimum requirement, the business will lose eligibility for the credit. The procedure for verification of jobs and employment levels will be developed by the Director of Finance.
(f) All businesses approved for a tax credit hereunder shall file a quarterly B & O tax return and report gross income to the City as required by Section 745.04.
(g) The amount of any tax credit allowable begins with the taxable year in which the taxpayer places the qualified investment into use within this City and continues thereafter.
(h) No application for a tax credit will be considered and no credit will be otherwise granted to any existing business who, at the time application is made, is delinquent in the payment of City business and occupation taxes or other applicable taxes.
(i) Once a business is granted a tax credit under this article, the business is not allowed another tax credit under this article for at least five years from the date the initial credit was granted. A business is only eligible for one tax credit under this article at a time and tax credits are not stackable.
(j) In no case will a tax credit be granted to any person who conducts business activity from their residence.
(k) On an annual basis the Director of Finance and City Manager shall be required to
submit a summary report to Council on applications for tax credits which were approved and the amount of tax credits granted to businesses.
(l) Any business which has been approved for a tax credit pursuant to the provisions of this Article shall have any such credit revoked and declared ineligible for further credits upon the occurrence of any of the following:
(1) Failure to submit the application required by Section 745.44 hereof within thirty (30) days of opening for business.
(2) Failure to obtain or renew its municipal business license.
(3) Failure to obtain a Certificate of Use and Occupancy Permit for its busines location or locations.
(Ord. 22-3. Passed 2-17-22.)