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/%(A <br /> ORDINANCE NO. 11 7 5-1 0 1 �> <br /> An Ordinance Relating to Taxes, amending Business an. <br /> Occupation Tax, Ordinance No. 2810-04 (Chapter 3.24 EMC), Tax <br /> Administration, Ordinance No. 2809-04 (Chapter 3.19 EMC), and <br /> reenacting the provisions of Ordinance No. 2759-04, effective <br /> January 1, 2006. <br /> WHEREAS, it is the intent of the City of Everett (the "City") to provide a business friendly <br /> environment, encourage growth, attract new businesses, and create new jobs in the City; and <br /> WHEREAS, several revisions to the City's Business and Occupation Tax scheme are advisable <br /> to avoid confusion, aid compliance, and promote business; <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1. Ordinance No. 2810-04 (Chapter 3.24 EMC) is hereby amended by the addition <br /> of the following section entitled "New Job Tax Credit": <br /> New Job Tax Credit. <br /> A. Purpose. The City believes that providing a tax credit relating to a business's growth or <br /> relocation into the City is a meaningful method of attracting and retaining such businesses. <br /> Further, the City finds that a credit related to the creation of fifty new full-time employment <br /> positions within four consecutive quarters will encourage businesses that are financially <br /> sound and well established in the market place to relocate to the City or expand within the <br /> City. Therefore, considering situations particular and unique to the City, the City finds that it <br /> is appropriate to differ from the Business and Occupation Tax Model Ordinance in providing <br /> for a new jobs tax credit as described in this section. <br /> B. The credit described in this section is available to taxpayers located in the City. <br /> C. Subject to the conditions of this section, a taxpayer may claim a credit against the tax <br /> imposed under this Chapter when, after January 1, 2010, the taxpayer creates fifty (50) or <br /> more new full-time employment positions within the City in a period not to exceed four <br /> consecutive quarters and keeps those positions filled for three consecutive years following <br /> the date on which credit for the positions is claimed. <br /> 1. This credit is one thousand dollars ($1,000) for each new full-time employment position <br /> created in a single period. A taxpayer may claim credit under this section multiple times, <br /> up to a cap of five hundred thousand dollars ($500,000) per taxpayer, for separate and <br /> 1 <br />