1707.03 INCOME TAX CREDITS.

   For those applicants who meet the criteria established in Section 1707.02, the following apply:

   (a)   Refundable income tax credits shall be established by a written job creation agreement with each participant.

   (b)   The maximum job creation tax credit will be the lesser of (1) 50% of the municipal income tax withheld on the qualifying new jobs, or (2) the percentage granted to the applicant by the State of Ohio pursuant to Section 1707.02(c). This is a refundable credit against the company’s Wooster profit tax or an individual’s income tax.

   (c)   The tax credit shall only apply to income taxes actually collected from the qualifying new jobs.

   (d)   The maximum term of credit granted under this chapter shall not exceed five (5) years; provided that the period may be increased if necessary to satisfy any local match required by the State of Ohio for securing its job creation tax credit agreement with the applicant.

   (e)   Tax credits shall not carry forward from one year to the next.

   (f)   Failure to comply with the terms and conditions of the job creation income tax credit granted under this chapter may result in sanctions, up to and including the amendment or termination of the job creation tax credit, as well as liability for the repayment of monies previously subject to the credit.

      (Ord. 2008-30. Passed 11-3-08.)