(a) Incentive Payments are payable only after the Qualifying New Payroll has been maintained for one full calendar year. After one calendar year, the Qualifying Business will be responsible for filing quarterly reimbursement requests with the City of Loveland, requesting payment of the Incentive Payment granted under the program. The Director of Finance shall pay to the qualified business the amount of the Incentive Payment as set forth in the contract, for each calendar quarter for which a reimbursement request is received.
(b) Incentive payment contract holders must file information on job creation and payroll for those jobs created on an annual basis as of December 31st of each tax year throughout the term of the award. Data will be provided by June 30th of each year to the Director of Finance. Information must be consistent with city, state and federal tax filings.
(c) Corporate Net Earnings Tax credits shall be applied and documented as part of any corporate tax return filing made on behalf of a qualifying business receiving the tax credit. In order to claim the credit, the claiming entity shall be responsible to submit the required documentation, including signed copies of the agreement and authorizing legislation granting the Corporate Net Earnings Tax Credit.
(Ord. 2022-125. Passed 12-13-22.)