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§ 5480.6. Attainment Date Extension Request.

10 CA ADC § 5480.6Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 10. Investment
Chapter 7.72. Rural Investment Tax Exemption
10 CCR § 5480.6
§ 5480.6. Attainment Date Extension Request.
Currentness
(a) An Eligible Entity that determines it will not attain the required Investment of one hundred fifty million dollars ($150,000,000) and the hiring of 500 new Direct Jobs plus Supporting Jobs, each as required in section 5480.1(i) within one year of Partial Exemption Use Date shall be authorized to submit an Extension Request to the CIEDB Board. An Extension Request must be postmarked no later than one year following the Partial Exemption Use Date.
(b) An Eligible Entity may only submit one Extension Request.
(c) The complete Extension Request shall consist of a written request signed and dated by an Authorized Applicant Representative containing all the following information:
(1) A copy of the original Application;
(2) A copy of the Eligibility Letter;
(3) The Partial Exemption Use Date;
(4) The amount of Investment attained and number of Direct Jobs created to date;
(5) A detailed description of the reasons for not being able to attain Investment and filling 500 new Direct Jobs plus Supporting Jobs, each as required by section 5480.1(i), within one year of the Partial Exemption Use Date; and
(6) A certification that the Applicant has a good faith belief that the Applicant will fill 500 new Direct Jobs plus Supporting Jobs and attain the Investment of one hundred fifty million dollars ($150,000,000), each as required in section 5480.1(i), within two (2) years of the Partial Exemption Use Date, and describing the basis for the belief.
(d) The CIEDB shall include on the agenda for a CIEDB Board meeting scheduled within 60 calendar days following the receipt of a complete Extension Request consideration of the Extension Request and notify the Applicant of the meeting not later than 20 calendar days prior to the meeting
(e) The CIEDB staff shall recommend approval of the Extension Request upon a finding that the Extension Request evidenced compliance with both of the following:
(1) Extraordinary circumstances beyond the control of the Applicant exist that have prevented the attainment of the one hundred fifty million dollar ($150,000,000) Investment and filling of the 500 new Direct Jobs plus Supporting Jobs; and
(2) The extraordinary circumstances will not prevent the one hundred fifty million dollar ($150,000,000) Investment and filling of the 500 new Direct Jobs plus Supporting Jobs from being attained within two years of the Partial Exemption Use Date.
(f) As used in subsection (e), “Extraordinary Circumstances” means the delay is due to circumstances beyond the Applicant's control.
(g) The CIEDB Board will issue a written notification to the Eligible Entity indicating the results of the Extension Request.

Credits

Note: Authority cited: Section 11152, Government Code; and Section 6378.1, Revenue and Taxation Code. Reference: Section 6378.1, Revenue and Taxation Code.
History
1. New section filed 8-15-2002; operative 9-14-2002 (Register 2002, No. 33).
This database is current through 4/19/24 Register 2024, No. 16.
Cal. Admin. Code tit. 10, § 5480.6, 10 CA ADC § 5480.6
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