The municipality, by ordinance, may grant a refundable or nonrefundable credit against its tax on income to a taxpayer to foster job creation in the municipality. If a credit is granted under this section, it shall be measured as a percentage of the new income tax revenue the municipality derives from new employees of the taxpayer and shall be for a term not exceeding 15 years. Before the municipality passes an ordinance granting a credit, the municipality and the taxpayer shall enter into an agreement specifying all the conditions of the credit.
(Ord. 46-15, passed 11-16-2015
; Am. Ord. 10-18, passed 2-20-2018)
Statutory reference:
Fostering new jobs; tax credits, see R.C. § 718.15