Explanation
BACKGROUND: The need exists to enter into a Jobs Creation Tax Credit Agreement with InfoCision Management Corporation. 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.
InfoCision Management Corporation plans to expand business into the City of Columbus, InfoCision does not currently have a location in Columbus. The project will include an investment of $1.2 million in real and personal property and the creation of 250 full-time jobs.
The Department of Development recommends a 65%/10 year Jobs Creation Tax Credit. Only jobs with an annual average hourly rate of $10.00 or more, not including overtime, will be eligible for the tax credit.
This legislation is requested to be considered as an emergency in order to allow InfoCision Management Corporation to make a decision on the location 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 InfoCision Management Corporation for a Jobs Creation Tax Credit of sixty-five percent (65%) for a period of ten (10) years in consideration of a proposed $1.2 million investment and the creation of 250 new full-time jobs, only jobs with an annual average hourly rate of $10.00 or more will be eligible for the tax credit; 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 t...
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