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A. Elig~fe industry sectors' .. <br />· Manufacturing and processing <br />· Warehousing and distribution (new) ~.,. <br />· Data processing (new) <br /> <br />B. Wage requirement <br />· Wages must equal 110% of the average wage in the county of location, excluding <br /> from average wages and salaries over $100,000 <br />· One time determination <br />· ESC will determine from insured employment in the county <br /> <br /> C. Application requirement <br /> · Application must be filed with Depadment of Commerce <br /> · Application must specify credit(s) to be claimed and tax against which it would be <br /> claimed <br /> · Application must specify number of jobs (for jobs tax credit) or cost of machinery and <br /> equipment (for investment tax credit) in order for Commerce to meet reporting <br /> requirements <br />· Application must contain adequate information for Secretary to determine applicant <br /> meets requirements of GS105-129.4. Those are: <br /> - eligible industry sector <br /> - wage standard <br /> - worker training eligibility requirements (see below) <br /> - claimant is not claiming eligibility as result of sale, merger, acquisition, or <br /> bankruptcy <br />° Secretary issues certificate of eligibility or written determination explaining lack of <br /> eligibility. Certificate of eligibility contains location of business, credit(s) claimed, tax <br /> against which claimed, and list of eligibility requirements met. <br /> <br />D. 50% of tax liability limitation <br />· Credits can be taken against franchise or income tax <br />· For each credit, applicant must specify which tax that credit will be applied against <br />° rn any tax year, sum of credits cannot exceed 50% of tax against which they are <br /> claimed, reduced by any other credits applied against that tax. Sum includes any <br /> carry-forward. <br /> <br />E. Five year carry-forward <br />· Any unused portion of a credit can be carded forward for the succeeding five years <br /> <br />F. Failure to perform penalty <br />· If taxpayer is tater leu.nd not have been eligible at time of application, the taxpayer <br /> forfeits the credit <br />· Taxpayer is also liable for past taxes avoided via the credits, plus interest <br />· Taxes and interest are due 30 days from date of forfeiture <br />o If taxpayer ineligible for investment tax credit or jobs tax credit, also ineligible for <br /> worker training tax credit triggered by tl~e job or investment credit (see below) <br /> <br />Developers' Presentation 2 8/5/96 <br /> <br /> <br />