Section 718.151 | Tax credits to foster job retention.
Effective:
September 17, 2014
Latest Legislation:
House Bill 492 - 130th General Assembly
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.
Available Versions of this Section
- September 17, 2014 – House Bill 492 - 130th General Assembly [ View September 17, 2014 Version ]