10 CCR s 5480.6

Cal. Admin. Code tit. 10, s 5480.6

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 5480.6. Attainment Date Extension Request.

(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.

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 5480.6, 10 CA ADC s 5480.6
1CAC

10 CA ADC s 5480.6

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