Explanation
Background: The Department of Development is proposing to enter into a Job Creation Tax Credit Agreement of sixty percent (60%) for six (6) years and a Jobs Growth Incentive Agreement with Manta Media, Inc., equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of 5 years, in consideration of Manta Media, Inc. proposed investment of $1million and the creation of 130 new permanent full-time jobs.
Manta Media, Inc ("Manta"), a privately held company, was launched in September of 2005 and currently has its operations located in Columbus, Ohio. Manta is an online destination for small businesses to promote their companies and connect with other professionals. Today, Manta has 27 million visitors per month, with 2 thousand small business owners joining every day. As a result, Manta has achieved great success in operating its site and garnering attention worldwide. Manta's site is now ranked as a Top 5 Business Information Site.
Manta is now in the position for unprecedented growth opportunities. Based on their current success and projected growth, Manta is preparing to expand its operations. Manta not only needs to grow to meet its rising demands, but also to implement plans to enhance its site to capitalize on the growing demand for social media.
Manta Media, Inc. is requesting a Job Creation Tax Credit and a Jobs Growth Incentive.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Job Creation Tax Credit Agreement of sixty percent (60%) for six (6) years and a Jobs Growth Incentive Agreement with Manta Media, Inc., to pay annually an amount equal to twenty-five percent (25%) of the personal income tax withheld on new employees for a term of 5 years, in consideration of a proposed investment of $1 million and the creation of 130 permanent full-time jobs.
Body
WHEREAS, pursuant to Ohio ...
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