(a) Any new business, with the exception of retail, that locates or relocates within the corporate limits of the city after the effective date of this section which business has not been located in the city in the previous ten (10) years shall be eligible to receive a tax credit equal to one hundred (100%) percent of the business and occupation tax owed for the first ten (10) tax years commencing on the date such new business is first located or relocated within the corporate limits of the city. Provided, however, this tax credit is contingent upon the creation and retention of a minimum of seventy-five (75) full-time jobs during the first tax year and a minimum of one hundred (100) full-time jobs during the second through tenth tax years. Such business shall not be eligible for this tax credit after the tenth tax year.
(b) The required number of jobs to be created and retained by such business to qualify and be eligible for the tax credit provided by this ordinance shall be based on the actual number of full-time employees, each working a minimum of thirty-two (32) hours per week, on the payroll of said business during each calendar quarter being the first day of January, April, July and October of the year in which such tax credit is claimed. Any such employer who does not maintain the designated number of full-time jobs as provided herein shall be subject to tax liability in accordance with the provisions of this article.
(c) Such business, at its own expense, shall provide to the city recorder actual copies of its payroll certified as true and accurate by an independent auditor for each calendar quarter within ten (10) days after the end of each calendar quarter for which the tax credit is claimed. The city recorder may request additional payroll information to assist council in making a determination, in its sole discretion, as to whether such business qualifies for tax credit under the provisions of this article.
(12-2-02)