Findlay Council proposes income tax rebate to attract white collar businesses

The City Council of Findlay is taking significant steps to enhance its economic development strategy by proposing a new income tax rebate program aimed at attracting and retaining businesses. During a recent Strategic Planning Committee meeting, council members discussed the need for competitive incentives to draw in high-paying industries, particularly in sectors such as healthcare, aerospace, and information technology.

The proposed program would offer varying levels of tax rebates based on the number of jobs created and the salaries offered. For instance, businesses hiring employees with salaries between $60,000 and $69,999 could receive a 20% rebate for one year, while those bringing in higher-paid employees could qualify for up to 80% abatement over seven years. This tiered approach is designed to incentivize not only the creation of jobs but also the recruitment of higher-paying positions.

Council members emphasized the importance of having a structured incentive program to present to potential investors. Currently, Findlay lacks the ability to offer any income tax incentives, which puts the city at a disadvantage when competing for new businesses. The proposed rebate program aims to fill this gap and provide a clear framework for businesses looking to expand or relocate.

In addition to attracting new businesses, the council is also focused on supporting local enterprises that wish to grow. The proposal includes provisions for existing businesses that expand their workforce, ensuring they can benefit from the same incentives as new companies.

The discussion highlighted the need for accountability in the program, with council members expressing concerns about ensuring that businesses fulfill their commitments to job creation. A reporting mechanism would be established to track the hiring and retention of employees, ensuring that the incentives are effectively tied to actual growth.

As the council moves forward with this proposal, they plan to gather more data and insights from other communities that have successfully implemented similar programs. This initiative represents a proactive approach to economic development in Findlay, aiming to create a more attractive environment for businesses and ultimately boost the local economy.