Kenton City Council approved the first reading of legislation Monday night that it hopes will position the city for job growth. It would establish a Job Creation Incentive Program available to existing businesses that expand their number of employees, as well as new businesses bringing new jobs to Kenton. The program offers a tax credit by way of redirecting a portion of the local income tax back to businesses that create jobs.
Proposed guidelines are: 10-25 jobs, 25 percent tax credit for three years; 26-50 jobs, 35 percent tax credit for five years; 51-99 jobs, 45 percent tax credit for seven years; and more than 100 jobs, the tax credit would be negotiable and run for 10 years.
The legislation makes it the responsibility of the employer to provide information to obtain the tax credit in the following calendar year. Jon Cross, president and CEO of the Hardin County Chamber and Business Alliance, said the program would create an incentive for job development that neighboring counties may not have. Plus, it would direct development inside the city limits.