A. For the 2005 tax year, a total of 100 refundable credits of $500 each will be available to non-exempt local businesses. For the 2006 tax year, a total of 100 refundable credits of $500 each will be available to non-exempt local businesses. The credit is non-refundable if the local business was exempt during the tax year in which it claimed the credit. The credit cannot be used to offset amounts due under the Multnomah County Business Income Tax.
B. The 100 refundable credits allocated per year will be issued on a first come, first served basis as measured by the date on which the youth certifying agency completes the certification process for any particular business.
C. A maximum of four (4) credits can be claimed on the tax return based on the taxable income for the tax year in which the credit is claimed. If a consolidated, combined or joint return is required to be filed under Section 7.02.110 B., the consolidated, combined or joint group is limited to a maximum of four (4) credits.
D. Credit certificates can only be used in the tax year in which they are claimed and cannot be used in any other tax year.
E. For the 2005 tax year, only hours worked after June 30, 2005 may be counted towards the 300 hour minimum requirement.
F. Businesses cannot count reimbursable or otherwise subsidized hours (wages) toward the 300 hours.
G. A business may claim a credit for the same disconnected youth in successive tax years, provided that the youth works the required minimum 300 hours in each tax year.
H. The 300 hour requirement must be completed during the business’ fiscal tax year rather than the calendar year.