(A) Any corporation qualifying for a real property tax abatement shall likewise be eligible for a corporation income tax abatement and shall be relieved of any payment required by § 35.077(G) of this subchapter, if that corporation shall prepare the income tax forms required by this subchapter and timely file those forms with the
Tax Administrator
together with proof from the Housing Council that a real property tax abatement granted to that corporation was in effect at any time during the tax year, and provided that corporation shall have employed 25 full-time employees since the time of the approval by the Housing Council.
(B) Any corporation may receive a city income tax abatement upon corporate net profits for a period of 15 years upon the following conditions:
(1) The corporation must make a minimum of 25 full-time jobs available to residents of this county;
(2) The corporation must file, with its first city income tax return, a schedule of all employees hired pursuant to division (B)(1) of this section; and
(3) The corporation must file all returns required to be filed pursuant to this subchapter in a timely manner, and include therewith a roster of full-time employees meeting the minimum requirements of division (B)(1) of this section.
(4) The corporation must be new to the city during or after the 1986 tax year, and such abatements shall commence with the 1987 tax year and the years thereafter.
(1982 Code, § 35.29) (Ord. 1986-30, passed 10-6-1986; Ord. 1986-36, passed 12-1-1986; Ord. 2003-5, passed 1-6-2003; Ord. 2005-12, passed 9-12-2005; Ord. 2023-41, passed 11-16-2023)