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 will be measured as a percentage of the income tax revenue the Village derives from the retained employees of the taxpayer, and may not be for a term exceeding 15 years. Before the Village passes an ordinance allowing such 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.)