Tiffin City Council is considering a 50 percent income tax credit to help businesses create jobs and increase payroll
Last week, legislation regarding a new income tax incentive program moved out of committee to the Tiffin City Council, The Advertiser-Tribune reports. Under the proposal, businesses would "receive 50 percent of their city income tax back as a credit against the business's Tiffin profit tax or an individual's income tax." In exchange, the business would be required to "create at least 10 new full-time or full-time equivalent jobs" that pay, on average, "at least 150 percent of minimum wage." Any business receiving the credit would also be required to "increase its payroll by at least $660,000." Business would be able to apply for a maximum of five years, the article said. For more, read the full story.
