TITLE 67

STATE GOVERNMENT AND STATE AFFAIRS

CHAPTER 47

DEPARTMENT OF COMMERCE

67-4740.  AGREEMENT WITH APPLICANT. With instruction from the council, and in accordance with criteria as established by rules, the director of the department shall enter into a reimbursement incentive agreement with the applicant, provided the agreement defines the following in addition to the terms as approved by the council:

(a)  The term of the agreement, which in no case shall exceed fifteen (15) years;

(b)  The projected new state revenues to be generated during the term of the project;

(c)  The method and recordkeeping requirements to be used by the applicant to determine the new state revenue paid by the applicant. The approved tax credit percentage applied to new state revenue each year the applicant is entitled to receive the reimbursement during the term of the project;

(d)  The projected new jobs;

(e)  The terms and conditions of any and all requirements and measurements that must be met prior to the issuance of a tax credit authorization;

(f)  The agreed-upon and necessary proof of compliance required prior to tax credit issuance. Proof of compliance provided by the applicant must be adequate to demonstrate to the director that all requirements and measurements have been met for the applicant to receive the tax credit;

(g)  The consequences of default by the applicant;

(h)  The period to be used to determine the taxes paid at the date of application; and

(i)  Identification of the individual or entity that is or will be claiming the refundable credit.

(j)  The agreement with the applicant shall specify that no credit will be allowed for taxes that have been or will be reimbursed by the federal government or any subdivision thereof.

History:

[67-4740, added 2014, ch. 336, sec. 1, p. 831; am. 2015, ch. 200, sec. 3, p. 612; am. 2016, ch. 47, sec. 43, p. 128; am. 2017, ch. 149, sec. 2, p. 370.]