Laserfiche WebLink
as _3 <br /> i i t.; . 4. 5yL'.7. <br /> t�� W <br /> V <br /> 7 <br /> 1 13),'‘- <br /> �_.,,.. TIT <br /> � M.._t.'.° :��,FC♦ ,. piti7'jfi. <br /> i <br /> • iN • <br /> - <br /> PROJECT TITLE: � <br /> An Ordinance Relating to Consent COUNCIL BILL# � 100N—01 <br /> Taxes, amending Business and Originating Department Finance& • <br /> Occupation Tax,Ordinance No. X Action Legal <br /> 2810-04(Chapter 3.24 EMC), 3/3/10 First Reading Contact Person Susy Haugen <br /> Tax Administration,Ordinance 3/10/10 Second Reading Phone Number x8612 <br /> . No.2809-04(Chapter 3.19 3/17/10 Third Reading FOR AG ar-. 3,2010 • <br /> EMC), and reenacting the Public Hearing <br /> . provisions of Ordinance No. Initialed by: <br /> 2759-04,effective January 1, Department Head <br /> 2006. CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> Budget and Finance Proposed Ordinance Finance&Legal <br /> Committee— 12/2/09 and <br /> 2/24/10 <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: • <br /> The proposed ordinance amends the City's Business and Occupation Tax ordinance by adding a tax credit <br /> when a taxpayer creates fifty or more new jobs.In addition,the proposed ordinance reenacts a previously <br /> adopted ordinance and amends the City's Tax Administration ordinance by defining a new appeal procedure, <br /> clarifying the procedure for judicial review of such appeals,and updating the provisions granting the City the <br /> power to suspend or revoke general business licenses. <br /> The tax credits defined in the proposed ordinance are available when a taxpayer creates fifty or more new <br /> full-time employment positions in the City within four consecutive quarters or less.Upon creating fifty or <br /> more new full-time employment positions,the taxpayer may claim a credit of one thousand dollars per new <br /> position, subject to a maximum cap of five hundred thousand dollars per taxpayer. The taxpayer may claim <br /> the credit available under this proposed ordinance multiple times as longas the taxpayer satisfies the <br /> requirements each time and subject to the taxpayer's five hundred thousand dollar cap. <br /> RECOMMENDATION: <br /> Adopt the Proposed Ordinance Relating to Taxes, amending Business and Occupation Tax, Ordinance No. <br /> 2810-04 (Chapter 3.24 EMC), Tax Administration, Ordinance No. 2809-04(Chapter 3.19 EMC), and <br /> reenacting the provisions of Ordinance No. 2759-04Affective January 1, 2006. <br />