Explanation
BACKGROUND: The need exists to enter into a Jobs Creation Tax Credit Agreement with Intellinetics. The Ohio Tax Credit Legislation (Section 718.08 of the Ohio Revised Code) authorizing such agreements became effective January 14, 1993 and requires the City to enter a Council-approved agreement between the City and a participating company.
Intellinetics plans to expand in Columbus if Columbus is selected as the project site for expansion. If selected, Intellinetics will retain 11 full-time permanent positions, create 11 full-time permanent positions, and invest $150,000 in personal property.
The Department of Development recommends a 60%/6 year Jobs Creation Tax Credit.
Emergency action is requested in order to allow Intellinetics to make a decision on the expansion of the proposed project as quickly as possible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with Intellinetics for a Jobs Creation Tax Credit of sixty percent (60%) for a period of six (6) years; and to declare an emergency.
Body
WHEREAS, pursuant to Section 122.17 of the Ohio Revised Code, the State of Ohio is authorized to establish
the Tax Credit Authority and to execute agreements with taxpayers of the State of Ohio for the
purpose of granting these taxpayers job creation tax credits against their corporate franchise or
income tax, which tax credits are provided to create new jobs in the State of Ohio; and
WHEREAS, this legislation is contingent upon the Ohio Department of Development granting Intellinetics a Jobs Creation Tax Credit; and
WHEREAS, pursuant to Section 718.08 of the Ohio Revised Code (the "City Act") a municipal corporation is authorized to grant local income tax credits to taxpayers who have received tax credits from the State; and
WHEREAS, co...
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