(a) Eligibility. Where a qualifying non-retail business is subject to the provisions of Section 881.04 of this Chapter, it may be eligible for the City Income Tax Rebate Program. Qualifying businesses will be non-retail businesses including, but not limited to, manufacturing, distribution, research and development, or technology firms. The incentive program is available to qualifying new businesses or qualifying existing businesses.
(b) Rebate Program.
(1) The Income Tax Rebate Program will rebate a portion of withholding income taxes collected from qualifying non-retail businesses creating at least forty-five (45) new full-time jobs with a wage of one hundred fifty percent (150%) of the federal minimum wage, or twenty (20) jobs at four hundred percent (400%) of the federal minimum wage, or some combination such that the total payroll exceeds seven hundred and fifty thousand dollars ($750,000) for those jobs paying in excess of one hundred fifty percent (150%) of the federal minimum wage. At least twenty percent (20%) of the jobs will be held by City residents.
(2) If the qualifying non-retail business adds the requisite number of employees and payroll, they will be eligible for a rebate of withholding taxes paid based on a credit of up to one percent (1%) of the withholding income tax rate (i.e., credit of up to 1% of current 2.25 percent tax rate equating to 44.44% rebate of withholding taxes paid).
(3) Qualifying non-retail businesses are eligible for a rebate for up to five (5) years if they commit to staying in the City for at least ten (10) years. The rebate program will contain claw back provisions specified in the rebate agreement if the qualifying non-retail business leaves prior to the ten- (10) year period or significantly reduces employment.
(c) Council Approval. All rebate agreements are subject to the approval of City Council.
(Ord. 15-33. Adopted 07/23/15; Ord. 15-61. Adopted 11/24/15; Ord. 2018-08. Adopted 02/22/18; Ord. 2020-10. Adopted 04/23/20)