(A) Eligible applicants. An applicant shall be eligible for employee withholdings credit if they are an eligible company as defined herein.
(B) Eligible projects.
(1) A project shall be eligible for employee withholdings credit only if:
(a) It directly creates at least ten new jobs and generates no less than $150,000 in the city taxable employee wages in the on-going operation of the applicant’s business; or
(b) It qualifies for economic development incentives pursuant to a program administered by the commonwealth and the program requires participation by the city.
(2) Once an incentive credit is granted to an applicant, no additional credits will be made to the applicant or the applicant’s principal without proof of increased employment resulting in additional new jobs and employee withholdings.
(3) Any additional incentive credits will be at the sole discretion of the city.
(C) Employee withholdings credits.
(1) The employee withholding credits are designed to and intended to provide a credit to eligible applicants of the withholding fees payable to the city, which are generated by new employees. To be eligible for the credit, the applicant must generate a minimum of $150,000 in the city taxable wages each calendar year of the credit. If approved, the applicant may be rebated, at the city’s discretion, up to 100% of the employees’ withholdings generated by new jobs otherwise owed to the city for a period up to five years. This credit is to be applied to the employee withholdings payable to the city and not for any other taxes or fees payable to the city, the County School Board or to any other taxing agency, district or authority.
(2) It shall be the responsibility of an approved company to deduct the employee withholdings from the employees’ paychecks and submit to the city in a timely manner. It shall also be the responsibility of an approved company to report all employee withholdings to the city on forms prescribed by the city. Upon review by the city that an approved company is continuing to meet the requirements of the Program, the city may rebate the amount due to the approved company within 30 days of receipt of the tax payment. Any questions regarding continued eligibility shall be brought before the Job Development Incentive Program Committee.
(3) In the event any applicant should fail to generate the minimum requisite city taxable wages or new jobs set forth above during any year of the approved term, the city, at its discretion, may lower the percentage amount for each of the remaining years.
(Ord. 2013-8, passed 10-8-2013)