The Village, by ordinance, may grant a refundable or non-refundable credit against its tax on income to a taxpayer to foster job creation in the Village. If a credit is granted under this Section, it will be measured as a percentage of the new income tax revenue the Village derives from new employees of the taxpayer and shall be for a term not exceeding fifteen years. Before the Village passes an ordinance granting a credit, the Village and the taxpayer must enter into an agreement specifying all the conditions of the credit.
(Ord. 2015-6. Passed 11-17-15.)