City Hall intends to 'aggressively' use municipal income tax credits to persuade businesses to create more Cleveland jobs.
CLEVELAND, Ohio – Mayor Justin Bibb is rolling out a new type of economic development incentive that’s intended to bring more jobs to Cleveland: municipal income tax credits.
If City Council signs off and enough new Cleveland-based employees are added to the company’s payroll, Cleveland Kitchen Co. would receive the equivalent of $175,000 from the city over five years – representing a 50% savings on its municipal income tax bill in that span, Epstein said. While the income tax credits are a new economic development tool for the city, similar use of taxpayer money has been offered in the past, in the form of job creation grants. Cleveland has used such grants for quite a while, Epstein said, but there is a key difference between those and income tax credits.
But another big difference will be on the back end, in the city’s books. Epstein described the previous job-creation grants as a “finite resource” because the money was ultimately flowing out of the economic development department’s budget. The tax credits, on the other hand, wouldn’t have to be capped, because they are diverting taxpayer money before it ever hits the city’s books.
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