The village, by ordinance, may grant a refundable or nonrefundable credit against its tax on income to a taxpayer for the purpose of fostering job retention in the village. If a credit is granted under this section, it shall be measured as a percentage of the income tax revenue the village derives from the retained employees of the taxpayer, and shall be for a term not exceeding 15 years. Before the village passes an ordinance allowing such a credit, the village and the taxpayer shall enter into an agreement specifying all the conditions of the credit.
(Ord. 1507-15, passed 11-2-2015)