Section 100-400-2 - APPLICATION REQUIREMENTSA.GENERAL Qualified businesses wishing to use employment tax increment financing to seek reimbursement of gross wages paid must submit an application to the Department conforming in all material respects to the requirements of Section 2(B) below and providing any additional information the Department may request. The application must be received within the calendar year for which approval is sought.
B.EMPLOYMENT TAX INCREMENT FINANCING APPLICATION An application for employment tax increment financing certificate of approval must contain the following:
1. Employment Tax Increment Financing Development Program, including:a. Project Plan:(1) A description of the business, its products and/or services and history of operation;(2) A description of the market(s) and/or competitive environment in which the business operates or expects to operate; and(3) A description of the applicant's employment growth and investment plans for the three (3) years following the date of application.b. Base Level Data: (1) Number of employees employed by the applicant as of March 31, June 30, September 30, and December 31 for each of the three years preceding the year of application;(2) Total gross wages of the applicant for each of the three calendar years preceding the year of application; and(3) Total state income taxes withheld for employees of the applicant for each of the three years preceding the year of application.c. A statement describing the basis under which it has been determined that the project will not go forward absent Employment Tax Increment Financing.2. Financial Plan, including: a. A statement of the sources and uses of funds required to accomplish the development program;b. A description of: (1) Facilities to be constructed or modified;(2) Equipment to be purchased;(3) Employee training requirements; and(4) Other expenses associated with the Development Program, and which will be funded through Employment Tax Increment Financing.3. Qualified employee data, consisting of: a. Number, by job classifications, of qualified employees that the applicant has added or expects to add in the State within a two-year period beginning on the January 1 of the year of application;b. Average annual wage, by job classification, of qualified employees that the applicant has added, or expects to add in the State within a two-year period beginning on the January 1 of the year of application;c. Hiring schedule of qualified employees that the applicant has added or expects to add in the State within a two-year period beginning on the January 1 of the year of application;d. Estimated total annual gross wages for all qualified employees for each of the 10 years during which reimbursement may be sought for the development program; ande. Estimated total annual State income tax withholdings for all qualified employees for each of the 10 years during which reimbursement may be sought for the development program.4. Certifications, attested by an officer of the qualified business, consisting of:a. Certification that all qualified employees are offered participation in a retirement program subject to the Employee Retirement Income Security Act of 1974, 29 U.S.C. §§ 1001-1461; andb. Certification that all qualified employees are offered participation in a group health insurance plan.5. Employment location data, consisting of:a. All applicant's employment locations within the State; andb. Number of employees at each location within the State.6. Affiliations and acquired business data, including: a. A listing of all affiliated businesses and affiliated groups within the State;b. For each affiliated businesses and affiliated group located within the State, current data concerning: (3) Total State income taxes withheld; and7. Any additional information which the Commissioner may reasonably require.19-100 C.M.R. ch. 400, § 2