10 CCR s 5480.5

Cal. Admin. Code tit. 10, s 5480.5

CALIFORNIA CODE OF REGULATIONS
TITLE 10. INVESTMENT
CHAPTER 7.72. RURAL INVESTMENT TAX EXEMPTION
This database is current through 01/05/07, Register 2007, No. 1.
s 5480.5. Partial Exemption Allocation.

(a) At the CIEDB Board meeting established in Section 5480.4(a), the CIEDB
Board shall allocate the five million dollars ($5,000,000) aggregate
maximum Partial Exemption for the then current calendar year to Eligible
Entities requesting a Partial Exemption including those Eligible Entities
authorized at the same meeting.

(b) No Eligible Entity shall be authorized to request an amount in excess
of five million dollars ($5,000,000) per year.

(c) If the Partial Exemption amounts requested by all complete Requests
exceeds five million dollars ($5,000,000), the amount available for the
allocation to each Eligible Entity shall be a percentage based upon the
amount requested by each entity in comparison to the other requests. A
formula shall be used where the numerator is the dollar amount requested
by a single complete Eligible Entity's Request and the denominator is the
total dollar amount of all complete Eligible Entity Requests.

(d) Eligible Entities seeking a Partial Exemption for the 2001 calendar
year will be considered through the same allocation process as described
in Section 5480.3 during the 2002 calendar year meeting established in
section 5480.4(a). Requests that are approved by the CIEDB Board will
receive an Exemption Allocation Letter for the 2001 calendar year. The
Eligible Entity will present this letter to the Board of Equalization for
direction in processing a refund.

(e) CIEDB Board will issue an Exemption Allocation Letter to each Eligible
Entity indicating the amount of the Partial Exemption that is awarded to
the Eligible Entity for the current year as determined by subsection (c).

(f) The Eligible Entity awarded the Exemption Allocation Letter shall
submit the letter to the Board of Equalization as provided in California
Code of Regulations, Title 18, Section 1525.7(c)(1).

(g) The Eligible Entity shall notify the CIEDB Board of the Partial
Exemption Use Date.

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).

10 CCR s 5480.5, 10 CA ADC s 5480.5
1CAC

10 CA ADC s 5480.5

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