Job Creation Tax Credit Program
The City of Kent has created a Job Creation Tax Credit
Program designed to provide companies with an incentive to locate, or
expand, in the City. Qualifying companies may claim a refundable income
tax credit against their City of Kent profit tax or individual income
tax. The credit is up to 24% of the municipal income tax withheld on the
qualifying new jobs for a term up to five years, or up to the term
offered by the State of Ohio Job Creation Tax Credit Program.
Other program requirements:
program is restricted to non-retail oriented firms only.
program is open to those firms that are new to the City of Kent, or
existing companies that are expanding, and who meet the program
on the projected payroll to be generated for each qualifying job, the
required minimum number of full-time, or full-time equivalent jobs
that must be created and maintained by the company within a three-year
period is either 10 or 25 employees.
companies currently operating in the City of Kent, the existing
employment and payroll figures must be maintained in addition to the
creation of the requisite number of new jobs.
must pay a wage rate at, or above, 150% of the Federal Minimum Wage.
eligible, the company must concurrently secure a tax credit through
the State of Ohio Job Creation Tax Credit program as specified by the
Ohio Revised Code Section 122.17.
To view the Administrative Guidelines, please click:
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