Code of Massachusetts Regulations › 402 CMR - ECONOMIC ASSISTANCE COORDINATING COUNCIL › Title 402 CMR 2.00 - Economic Development Incentive Program › Section 2.05 - Certification of Proposed Projects

Current through Register 1525, July 5, 2024
(1)
Applications
. A Controlling Business may apply for
			 certification of a proposed project by submitting an application to the EACC
			 for review and approval. The application shall be in a form designated by the
			 director and shall include all information that the EACC is required to
			 consider in determining whether to certify a proposed project under the
			 provisions of M.G.L. c. 23A, § 3D. The director may also issue
			 instructions to assist the Controlling Business to use in completing the
			 applications, which may include guidance regarding any factors that may enhance
			 a proposed project's potential to receive favorable consideration and
			 presentation to the EACC for its review and approval.
(2)
Timeframe for
			 Decision
. The EACC shall evaluate, grant, or deny certification of
			 a proposed project within 90 days of its receipt of such proposal; provided,
			 however, that if the EACC determines that an application for project
			 certification is incomplete, it may either reject such proposal and return it
			 to the applicant or request additional information to complete the proposal. If
			 the EACC requests additional information, the 90-day review period shall
			 commence upon receipt of the additional information requested. If the EACC
			 fails to act on an application for project certification within the 90-day
			 period as described in
			 402 CMR
			 2.05(2), the proposed
			 project shall be considered to have been approved for a term of five years but
			 such approval shall not constitute the grant or approval by the EACC of any
			 EDIP tax credits.
(3)
Decisions
. The EACC may certify a proposed project
			 subject to any conditions that the EACC deems necessary or appropriate to
			 incent the creation of new jobs in the Commonwealth. The EACC may limit any
			 incentive or EDIP tax credit available to a project pursuant to a specific
			 dollar amount or time duration or in any other manner deemed appropriate by the
			 EACC. The EACC may decline to certify a project if the amount of the tax
			 benefit that the business would receive if the project were certified is
			 disproportionately high in relation to the number of permanent full-time jobs
			 that are expected to be created by the project, other benefits provided by the
			 project to the municipality or to the state.
(4)
EDIP Contracts
.
			 Each recipient of EDIP tax credits awarded pursuant to
			 402 CMR
			 2.05(4)  shall execute an
			 EDIP contract approved in form and substance by the director. The contract
			 terms may contain provisions related to:
(a)
			 The Controlling Business's obligation to create jobs and to maintain these new
			 jobs for a time period of not less than five years after the date the jobs are
			 first
(b) filled;
(c) The schedule on which the Controlling
			 Business commits to create the new jobs;
(d) The schedule governing when and in what
			 amounts EDIP tax credits may be claimed;
(e) The entity that is eligible to claim the
			 EDIP tax credits awarded by the EACC;
(f) Requirements to submit information to the
			 director regarding job creation and exercise of EDIP tax credits;
(g) Consequences and procedures for failure
			 to meet the Controlling Business's job creation commitments; and
(h) Such other matters as the director in his
			 or her discretion may from time to time require.