(a) The purpose of the Income Tax Incentive Program is to encourage economic growth in the City of Salem. The core objective of the incentive programs is to promote and expand economic growth and vitality of the City of Salem. Growth will be achieved by focusing on new growth, through business retention and/or expansion efforts and new business recruitment to the City of Salem.
(b) The Income Tax Incentive Program will consist of three (3) programs for businesses that are expanding, starting, or relocating a business or adding and/or retaining jobs, within the City of Salem. These initiatives programs will consist of a "Job Creation Incentive Program," a “Net Profit Tax Incentive Program," and a "Business Acquisition and Growth Incentive Program."
(Ord. 210119-01. Passed 1-19-21.)