Section 57-114-5 - Application for the mFlex tax incentiveBusiness or industrial enterprises wishing to apply for the mFlex tax incentive authorized by this chapter shall make application to the authority, on a form prescribed thereby; provided that the application shall, at a minimum, contain:
(a) A brief overview of the applicant's business or industry, including its formation type (e.g., corporation, limited liability company, limited partnership, etc.), its date of incorporation or formation thereof, and the location of its principal headquarters, together with its principal place of business in the state, if the applicant already has one or more facilities located in the state;(b) The location of the selected project site or locations of selected project sites, if multiple locations will be involved;(c) A description of the proposed project;(d) The amount of the qualified investment proposed to be made as a result of the proposed project, including a breakout of projected expenditures for manufacturing machinery, nonmanufacturing equipment and component building materials to establish and equip the proposed project;(e) If the proposed project will be an expansion of an existing business or industrial operation, the current number of base full-time jobs;(f) The number of new full-time jobs proposed to be created as a result of the proposed project;(g) The average employer wage proposed to be paid by the applicant for new full-time jobs disclosed in the application;(h) A description of benefits, including but not limited to, health, dental and/or vision insurance, retirement savings account, etc. made available to employees, as well as a description of any employees to whom such benefits are not made available (e.g., part-time employees);(i) The length of time necessary for the applicant to meet its qualified investment and new full-time job creation projections;(j) A list of all affiliates of the qualified business or industry known at the time of the application, including the Federal Employer Identification Number for each such affiliate, which have or are expected to have any state tax liability that may be offset by all or some portion of the mFlex tax incentives awarded to the qualified business or industry;(k) An acknowledgment that the applicant, if awarded an mFlex tax incentive pursuant to this chapter, will be required to provide the annual report prescribed by Section 57-114-13 to demonstrate the actual amount of its qualified investment, including actual expenditures on manufacturing machinery, nonmanufacturing equipment and component building materials, and the number of new full-time jobs created and maintained as a result of the project; and(l) Any other information as may be requested by the authority.Added by Laws, 2022, ch. 462, SB 2159,§ 3, eff. 7/1/2022.