(c) “Agreement” or “California competes tax credit agreement” means the agreement as negotiated between the applicant and GO-Biz prescribing the terms and conditions that must be met in order to award the applicant an allocation.

(d) “Allocation” means the portion of the allocated tax credit for the then-current fiscal year awarded by the committee to an applicant.

(e) “Allocation period” means the taxable years the credit requested by the applicant will be allowed.

(f) “Annual full-time equivalent” means either of the following:

(g) “Applicant” means any taxpayer, including but not limited to an individual, corporation, or partnership, submitting a California competes tax credit application to GO-Biz for tax credit allocation consideration and must be a person or entity legally authorized to do business in California or that shall incorporate, qualify, or register with the Secretary of State to do business in California prior to the execution of the California competes tax credit agreement.

(h) “Application” means the request by an applicant for a tax credit allocation by submitting the information as specified in the application form.

(i) “Application form” means the California competes tax credit application form which shall contain the information requested in section 8030 and shall be available on the website.

(j) “Application period” means the period during a fiscal year designated by the director when applications shall be accepted, reviewed, and awarded.

(l) “Benefits” means health, medical, dental, and vision premiums paid by an applicant on behalf of any of the following:

(m) “California competes tax credit” or “credit” means the total amount of tax credit requested by an applicant in the application.

(n) “California competes tax credit committee” or “committee” means the committee established under Revenue and Taxation Code section 18410.2.

(o) “Current assets” means the value of all assets of the applicant that are reasonably expected to be converted into cash within one year in the normal course of business. Current assets include cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other liquid assets that can be readily converted to cash.

(p) “Current liabilities” means the applicant's debts or obligations that are due within one year. Current liabilities appear on the applicant's balance sheet and include short-term debt (less than one-year), accounts payable, accrued liabilities and other debts.

(q) “Current taxable year” means the applicant's taxable year for state income tax purposes as of the last day to submit an application during the application period.

(r) “Director” means the director of GO-Biz, or his or her designee.

(s) “Directly related” means actions, purchases, or the like made in connection with the project that would not have been otherwise purchased or incurred but for the project.

(t) “Economic impact” means the impact of a project or business on the state, a region, or locality, and may include, but not be limited to, the review of the type of industry, type of employment created, potential for growth, saturation in a particular market or saturation of a type of industry or employment in the state or a particular region or locality, direct, indirect, and induced employment creation, temporary employment and any other similar factors.

(u) “Fringe benefits” means any taxable or non-taxable amenity provided to the employee by the applicant including, but not limited to, group-term life insurance coverage, childcare and assistance reimbursement, employee discounts, personal use of a company owned vehicle, paid parking, public transportation supplement, gym subsidy, and education reimbursement.

(v) “Full-time employee” means an individual that is paid wages for services in this state of not less than an average of 35 hours per week.

(w) “GO-Biz” means the Governor's Office of Business and Economic Development.

(x) “High poverty area” means a city and/or county within California with a poverty rate of at least 150% of the California statewide poverty rate per the most recently updated data available from the U.S. Census Bureau's American Community Survey 1-Year Estimates thirty days prior to the first day of the applicable application period.

(y) “High unemployment area” means a city and/or county within California with an unemployment rate of at least 150% of the California statewide unemployment rate per the most recently updated data available from the California Employment Development Department on http://www.labormarketinfo.edd.ca.gov/ or the equivalent website thirty days prior to the first day of the applicable application period.

(z) “Investment” means the amount paid after the deadline to submit an application during the application period for all personal property and real property directly related to the project that will be purchased or leased by the applicant after the deadline to submit an application during the application period.

(aa) “Material litigation” means any litigation that, according to generally accepted accounting principles, is deemed significant to an applicant's financial health and would be required to be referenced in the applicant's annual audited financial statements (if audited financial statements are required), or would be the type of information that is reported to shareholders, members, or similar individuals, or, in documents about the financial condition of the applicant, would be deemed material information that an investor or person providing any capital or investment in the entity would deem material in making a financial decision regarding the applicant.

(bb) “Personal property” means property, other than real property, directly related to the project and placed in service in this state by the applicant, that is tangible, movable property, including, but not limited to, vehicles, movable fixtures, equipment, electronic devices purchased for the business use of the applicant, intangible property, including, but not limited to, software licenses, intellectual property that has a quantifiable value acquired in connection with the project, and other business assets which are subject to depreciation under Internal Revenue Code section 167(a), or depreciable property that will be expensed under Internal Revenue Code section 179.

(cc) “Project” means the applicant's proposed business venture, investment, or expansion in this state that is the basis for the allocation.

(dd) “Project financing” means financing that the applicant may rely on to fund the project which may include, but not be limited to, loans through banks or other financial institutions, lines of credit, stock issuance, private equity, grants, venture capitalist investment, or any other form of financing.

(ee) “Real property” means any property located in this state that is attached directly to land, as well as the land itself, that is used in connection with the project. Real property includes, but is not limited to, all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all other “interests” in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or lease), or an easement across another's property. With the exception of the land itself, real property includes structures and other business assets affixed to the land that are subject to depreciation under Internal Revenue Code section 167(a), or depreciable property expensed under Internal Revenue Code section 179. Real property also includes capitalized costs related to new construction, reconstruction, or expansion of buildings or other structures which will be used in the applicant's trade or business in connection with the project and will be subject to depreciation under Internal Revenue Code section 167(a) or is depreciable property that will be expensed under Internal Revenue Code section 179. Real property does not include idle bare land held for investment purposes.

(ff) “Strategic importance” means the value of the type of business to be developed in the state or a particular region or locality due to lack of current presence of the type of business or industry, the assistance to the employment market or potential-employment pool, the growth of a particular region or locality, the will of the community to accept the business or industry, and any other similar factors.

(gg) “Wage or Wages” means the amount of monetary compensation a full-time employee (whether paid by the hour or a salary) is paid by the applicant per year and does not include tips, overtime, bonuses, commissions, stock options, benefits or other compensation of any kind.

(hh) “Website” means the GO-Biz website found at www.business. ca.gov.

(ii) “Working capital” means the applicant's operating liquidity determined by subtracting the applicant's current liabilities from the applicant's current assets.