(A) The administration of the tax credit program shall be vested in the collector of business taxes, who may: conduct an annual audit on participating businesses to determine continued eligibility for participation in the program; require participating businesses to provide financial documentation for participation in the program; and review the amount of credit given to each participating business annually.
(B) All businesses approved for a tax credit hereunder must still file a quarterly B&O tax return and report gross income to the city.
(C) The amount of tax credit allowable begins with the taxable year in which the taxpayer places the qualified investment into use within this city and continues thereafter.
(D) No application for a tax credit will be considered and no credit will be otherwise granted to any existing business who, at the time of the application is made, is delinquent in the payment of city business and occupation taxes.
(E) Once a business is granted tax credit under this subchapter, the business would not be allowed another tax credit for at least five years from the date the initial credit was granted.
(Ord. passed 12-18-1998)