(A) Definitions. For the purpose of this section, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
FULL-TIME ENROLLMENT. The period established by the qualifying post-secondary institution as full-time status for students in attendance.
QUALIFYING POST-SECONDARY INSTITUTION. A college, university, technical school, vocational school or training program whose students are eligible to receive grants and loans through programs established by the United States Department of Education.
(B) Tax credit. A tax credit not to exceed $300 per year is created for residents of the city who work in the city or owe municipal income tax to the city and are enrolled full-time at least nine calendar months of the year in which the credit is requested at a qualifying post-secondary institution. Students shall also be eligible to receive the credit if they are enrolled at least four calendar months of the year and continue enrollment as a full-time student the following calendar year. This tax credit shall be calculated by taking 2% of the first $15,000 of the taxable income if the municipal income tax rate is 2%, or 1% of the first $30,000 if the municipal income tax rate is 1%. Residents applying for the tax credit shall be required to complete and sign a disclosure and authorization form similar to Exhibit A attached to original Ordinance 04-05, passed February 24, 2004. No person shall receive this tax credit for more than five years. No person shall receive this tax credit if their college tuition is reduced by employer tuition reimbursements, or employer tuition assistance programs. Further, residents applying for the tax credit shall be required to disclosure any such employer tuition reimbursements received that reduce their tuition costs as full-time students.
(C) Effective date. The tax credit shall become effective for the tax year commencing January 1, 2004.
(Prior Code, § 880A.157) (Ord. 04-03, passed 2-10-2004; Ord. 04-05, passed 2-24-2004)