(a) As used in this section:
(1) “Transferee” means any hourly employee of the General Motors Corporation who as a condition of their employment is transferred to the Lordstown GM Complex from another General Motors plant.
(2) “Qualifying purchase” means the purchases made during 2008, 2009 or 2010 in fee simple title of single family dwelling located within the corporation limits of the City of Warren, Ohio in which the buyer agrees to establish as his principal place of residence for at least three (3) years.
(b) For taxable years beginning in or after 2008 and ending before January 1, 2011, a credit of five hundred dollars ($500.00) is allowed against the tax imposed by Section 171.03 of the Codified Ordinances of the City for a transferee who makes a qualifying purchase.
The credit shall apply for the taxable year in which the qualifying purchase is made. If the transferee’s tax liability is less than five hundred dollars ($500.00) in the year of the qualifying purchase, the remaining credit shall apply to the succeeding year. The taxpayer may apply to receive an advance refund of the full amount of the credit in the year of the qualifying purchase by submitting a request to the City on forms proscribed by the City. Any application for the credit shall require verification of the purchase and be accompanied by the Taxpayer’s certification that the taxpayer will reside in the City of Warren for at least three (3) years.
The credit is not, and shall not be, transferable.
All requests for the credit shall be subject to verification by, and the audit of, the City Treasurer.
(c) The full amount of the credit shall be recouped if the transferee fails to reside in the City of Warren for less than three (3) years.
(Ord. 12116/08. Passed 7-9-08.)