AURORA | The city may extend a jobs program through 2016 that rewards Aurora businesses that create new jobs with tax incentives. The extension was unanimously approved at a study session Dec. 16.
Businesses can receive up to $5,000 in tax incentives per new employee per year under the 3-year program. Qualifying businesses must create two new permanent jobs in Aurora to qualify for the incentives, but cannot be rewarded for more than 20 jobs that are created within the 3-year timeframe.
From 2010 to 2013, the city doled out about $8,400 in incentives toward 16 new jobs created as part of the program, according to Andrea Amonick, the city’s director of development services. Theoretically, the maximum any one company could see from the program is $300,000 over three years. Most of the money is awarded through tax breaks with a one-time payment of up to $500 per new job or employee.
The participating businesses were Towne Air Freight, Landmark Packaging and SSG MEP, Inc. City staff say they expect two more program applicants for 2014, who they say will provide Aurora with 20 new jobs.
The city requires that each job have a minimum salary level of $35,000 annually, excluding benefits, and that the salary is maintained through the three years. The business cannot participate in any other city incentive programs to qualify.
The incentives awarded represent less than 1 percent of the city’s 2013 approved budget, which is $251.3 million.
See how this works? We will give you some tax breaks if you hire employees and of course high taxes and regulations are the main cause for the slow job growth to begin with so we have to play this game to get you to hire people when it’s our fault to begin with…..you idiot’s just don’t get it.
I agree Tom, tax and spend is all they know. There’s always plenty more money in our pockets for them to spend!