A municipal corporation, by ordinance, may grant a nonrefundable credit against its tax on income to a taxpayer that receives a nonrefundable tax credit under section 122.171 of the Revised Code and may grant a refundable credit against its tax on income to a taxpayer that receives a refundable tax credit under that section. 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 2011 File No. 3, HB 58,§1, eff. 3/7/2011.
Effective Date: 09-26-2003