The current economic challenges have forced many local businesses into layoffs that they'd rather avoid.This is especially true of local businesses that were beneficiaries of the B&O tax offset incentive for hiring of new, family-wage jobs. Some of these businesses were surprised with a cautionary letter from the Tacoma Tax & License office that they would owe the City of Tacoma refunds of these tax offset incentives if the enumerated employees were let go.
The Chamber and EDB brought this hardship on local businesses to the attention of the Tacoma City Council. Councilmembers agreed and developed a repeal of the "clawback" provisions. The effective city legislation, Ordinance 27862, was adopted last night: 8 for yes to 0 (1 vacant) opposed.
Our thanks to the Tacoma City Council for having the vision to incentivize employment growth and to recognize necessary action to support business retention during this challenging economy.
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