Job Creation Incentive
Net Profit Tax Incentive
Business Acquisition & Growth Incentive
Community Reinvestment Act (CRA) Tax Abatement
Job Creation Incentive
ADD NEW JOBS— Get back up to 55% of City withholding Tax! The mission of the Job Creation Incentive Program is to create Jobs and make the City competitive within the region. The program can provide a yearly incentive for relocating jobs or creating net new jobs in the City . The term of the incentive can extend for up to 5 years. The incentive can pay up to 55% of the annual City withholding tax back to the Employer. For New Downtown jobs the plan can pay up to 100% in the first year!
Net Profit Tax Incentive
Bring in NEW company or RELOCATE a company in the city — Get back up to 55% of City Net Profit Tax! The mission of the Net Profit Tax Incentive is to attract new start up business and encourage outside business to relocate inside the City. The program can provide a yearly incentive for starting or relocating a business in the City. The terms of the incentive can extend for up to 5 years. The incentive can pay up to 55% of the annual City Net Profit Tax based on the number of new employees added to the city. For New Downtown Business the plan can pay up to 100% in the first year!
Business Acquisition & Growth Incentive
SAVE & ADD JOBS— Get back up to 100% of City Net Profit Tax! The mission of the Business Acquisition & Growth Incentive is to sustain current jobs and promote the turn-around of at-risk business inside the City. The program can provide a yearly incentive for maintaining employment levels for 3 years or growing employment for up to 5 years The incentive can pay up to 100% of the annual City Net Profit Tax based on the number of maintained employees or added employees to the city.
Note: Program rules are outlined in Section 187.03, 187.04, 187.05 of Chapter 187 of the Title Nine of the Codified Ordinances of the City of Salem Ohio and the Ohio Revised Code Sections 3735.65 to 3735.70 and City of Salem Ohio Resolution 170117-04. Applicants must meet the criteria of the program and approvals of the appropriate oversite committees. This brochure is a marketing tool and not a guarantee of acceptance to any of the programs listed.
Community Reinvestment Act
To spur development and property improvements the City of Salem will grant Tax Abatement to qualified applicants. By participating in this program you can get up to 15 years of Tax Abatement on the “increased value” of your real property.
To Qualify:
1. Work must be done in the established abated areas.
2. Obtain a Salem City Zoning Permit
3. Complete the Tax Abatement Application and file it with the Zoning Office before December 15th of the year your project is completed.
Build: a new residence/business/industrial structure, 15 years Abatement
Grow: thru remodeling:
• Existing 1 & 2 family dwelling, $2500 minimum remodeling, 10 year Abatement.
• Multi family dwellings, $5000 minimum remodeling, 12 years abatement
• Commercial/Industrial Structures, $5000 minimum remodeling, 12 years abatement.