The City of Kent 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.
The program is restricted to non-retail oriented firms only.
The 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 requirements.
Depending 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.
For 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.
New jobs must pay a wage rate at, or above, 150% of the Federal Minimum Wage.
To be 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.