A municipal corporation, 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 municipal corporation. If a credit is granted under this section, it shall be measured as a percentage of the income tax revenue the municipal corporation derives from the retained employees of the taxpayer, and shall be for a term not exceeding fifteen years. Before a municipal corporation passes an ordinance allowing such a credit, the municipal corporation and the taxpayer shall enter into an agreement specifying all the conditions of the credit.
Amended by 130th General Assembly File No. TBD, HB 492, §1, eff. 9/17/2014.
Amended by 2011 File No. 3, HB 58,§1, eff. 3/7/2011.
Effective Date: 09-26-2003