California Code of Regulations › Title 10 - Investment › Chapter 7.72 - Rural Investment Tax Exemption › Section 5480.2 - Eligible Entity Application

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
			 A complete Application consists of a written request containing all of the
			 following items:
(1) Name of
			 Applicant;
(2) Address of Eligible
			 Facility;
(3) Primary
			 classification code from the SIC or NAICS for the Eligible Facility;
(4) Applicant contact person name, title,
			 address, phone number, fax number and email address;
(5) Date the Application is signed;
(6) Signature of an Authorized Applicant
			 Representative;
(7) The following
			 information relating to Direct Jobs:
(A) For
			 FTE Employees hired on or before the date of the Application:
1. The job title of each employee;
2. The date of hire of each
			 employee;
3. The primary job
			 location for each employee. As used in this subsection "primary job location"
			 means the location where the employee performs a minimum of 50% of their work
			 duties;
4. The hours worked by each
			 employee in the last year. If the employee has been employed less than one year
			 and the position was in existence prior to the hiring of the employee, include
			 the hours allocated to this position prior to the hiring of this employee. If
			 the position has existed for less than a year the number of hours for the
			 position when extrapolating existing hours to an annualized basis, e.,g. 600
			 hours for 6 months is a 1,200 hour annualized position. In no case shall one
			 employee, or one job position, if more than one person held the same job
			 position (e.g. one employee left the firm and was replaced with another
			 employee) account for more than 1,750 hours annually; and
5. A certification by the Authorized
			 Applicant Representative that as of the date the Application is signed each
			 employee listed is still working for the Applicant at approximately the FTE
			 Employee hours listed in the Application, their primary job location is in the
			 county where the Eligible Facility is located, and the Direct Jobs and
			 Supporting Jobs will be maintained for at least 24 months following the
			 Attainment Date.
(B) For
			 FTE Employees to be hired after the date of the Application;
1. The job title of each employee that will
			 be hired;
2. The estimated date of
			 hire of each employee;
3. An
			 estimate of annual hours of employment for that employee; and
4. A certification that the Applicant has a
			 good faith intention to hire employees for the job positions as listed,
			 approximately when listed, agrees and understands that each employee must be
			 primarily employed in the county where the Eligible Facility is located and
			 must be maintained for at least 24 months following the Attainment
			 Date.
(8)
			 Detailed listing of the items making up the Investment including the following
			 information:
(A) For item(s) already
			 purchased:
1. Date of purchase;
2. Amount and proof of purchase, e.,g.
			 invoice;
3. Description of item and
			 use; and
4. A certification that as
			 of the date the Application is signed this portion of the Investment is still
			 owned by the Applicant, located in the county where the Eligible Facility is
			 located, and that the Investment will be owned by the Applicant and maintained
			 in the county for at least 24 months after the Attainment
			 Date.
(B) For item(s) to
			 be purchased in the future;
1. Estimated date
			 of purchase;
2. Estimated amount of
			 purchase and written basis for the estimate, e.g. invoices, purchase orders or
			 vendor materials;
3. Description of
			 item and use; and
4. A
			 certification that the Investment will be made by the Applicant and located in
			 the county where the Eligible Facility is located, and that the Investment will
			 be owned by the Applicant and maintained in the county for at least 24 months
			 after the Attainment Date.