(a) Prerequisites. There are three prerequisites that must be met before a credit will be allowed. First, the taxpayer must make substantial renovations to an existing structure within the designated Local Enterprise Zone or construct a new facility within the designated Zone which structure must house the taxpayer’s business or occupation which is subject to the tax under Article 761
and for which the credit is being applied. Second, the taxpayer must have one or more full time employees at the facility located within the subject Zone. Third, for each and every tax period for which the credit is applied for, at least ten percent (10%) of all of the taxpayer’s employees who work at the facility within the subject Local Enterprise Zone must reside or when employed must have resided within the subject zone.
(b) Amount of the Credit. The amount of the credit will be a set percentage of the taxpayer’s City tax obligation under Article 761
of the Fairmont City Code applicable only to the taxpayer’s business or occupation or portion of the taxpayer’s business or occupation located or conducted in the Local Enterprise Zone. The percentage of the credit will be as follows:
(1) 100% for each of years one (1) through five (5); and
(2) 50% for each of years six (6) through ten (10).
The credit cannot exceed the amount of the tax for any tax year.
(Ord. 1075. Passed 12-22-98.)