(a) A business must be in the Income Tax Incentive Program and maintain all requirements for at least one (1) full year from the date of the first income tax withholding prior to any incentive payment of said income tax pursuant to this Income Tax Incentive Program being made.
(b) The term and incentive payment for "new jobs," "net new jobs" created or on net profits shall begin January 1st of the next calendar year.
(1) Job Creation Incentive Program (187.03) Payment shall be made by June 1st of each year on paid withholding taxes net of refunds.
(2) Net Profit Tax Incentive Program (187.04) Payment shall be made by June 1st of each year or 45 days after filing a City of Salem net profits tax return, on paid net profit taxes. Example If a business is granted into an Income Tax Incentive Program in January 1, 2006, the first payment shall be June 1, 2007
(3) Business Acquisition and Growth Incentive Program (187.05) Payment shall be made by June 1st of each year or 45 days after filing a City of Salem net profits tax return, on paid net profit taxes. Example If a business is granted into an Income Tax Incentive Program in January 1, 2006, the first payment shall be June 1, 2007.
(c) All taxes that are due must be paid prior to a business receiving payment.
(d) At entry into one or more of the Income Tax Incentive Programs, the Program Oversight Committee will set upper limits of employee head count considered for each program into which the business is admitted based on information provided in the application and discussions with the applicant business or new owners. The Municipal Treasurer will calculate the rebate based on the roster of employees considered in the program from the lowest compensated to the highest compensated up to the upper limit head count set by the Program Oversight Committee at admittance to each program.
(Ord. 210119-01. Passed 1-19-21.)