PROGRAM: A non-refundable tax credit created for companies that create at least 25 jobs in the City within 3 years of adoption of an agreement.
TYPE OF ASSISTANCE: Tax Credit
ELIGIBILITY: Contingent upon participation in the State of Ohio Income Tax Credit Program. Jobs to be created must be, on average, at least 200% of minimum wage and have to be retained for at least twice the period of the agreement. Each participant must commit to establish, within three years, a minimum of 25 new jobs in Cincinnati.
RATES/TERM: The amount of the tax credit is for up to 75% of the 2.1% earnings tax from the new employees. The city's non-refundable tax credit can be carried forward for up to 15 years. Rate and term are equal to the rate and term of the State credit to a maximum of 75% for 15 years. The State Tax Credit authority may grant a tax credit that exceeds 75% when the Chairman and Executive Director recommend there is an extraordinary circumstance that merits an exception.
