The city, by ordinance, may grant a refundable or nonrefundable credit against its tax on income to a taxpayer to foster job creation in the city. If a credit is granted under this section, it shall be measured as a percentage of the new income tax revenue the city derives from new employees of the taxpayer and shall be for a term not exceeding 15 years. Before the city passes an ordinance granting a credit, the city and the taxpayer shall enter into an agreement specifying all the conditions of the credit.
(Ord. 2018-02, passed 2-12-2018)