Launched in 2o14
JEFFERSONTOWN, Ky. (Feb. 8, 2017) — The Jeffersontown Occupation Business Savings Program (JOBS) has been responsible for 1,574 jobs since its inception in 2014, Mayor Bill Dieruf said during his State of City address on Tuesday. The program has created 933 jobs, while 641 have been retained because of the initiative.
“Our decision to make business investments and expansions in Jeffersontown a smart move has paid off for our city, our employers and their employees,” Dieruf said. “We expect more employers to recognize the benefits of the JOBS Program’s success and the value of having operations in Jeffersontown.”
JOBS, launched in March 2014, enables qualifying businesses to receive a 50 percent incentive refund based on new occupational taxes generated over a five-year period.
Companies are required to have an aggregate new annual payroll minimum of $127,500, a minimum average annual payroll per new employee of $42,500 per full-time equivalent job and maintain a minimum of three new full-time equivalent employees.
The annual average pay per new job through the program is $57,884—more than $15,000 than the qualifying salary level, Dieruf said.
Even though the five-year qualifying mark has not yet been reached for participating employers to receive a tax refund, investments in Jeffersontown operations has generated company investments close to $41 million, said Mike Kmetz, director of the Jeffersontown Economic Development Authority, which oversees the program.