Upon evaluation of the project, if all requirements are met,
the applicant will be presented to the MDA board for approval. If approved, the
applicant will be required to enter into an agreement that documents the
following:
U. The obligation of the
industry to provide an annual report that includes actual investment, job
creation, and payroll in a manner prescribed by the MDA.
V. The obligation to update estimated
investment and job creation for the remainder of the project.
W. The obligation of the industry to provide
health insurance coverage funded at least fifty percent (50%) by the certified
business.
X. The obligation to
provide a summary of the tax credits taken for the reporting year by the
applicant as well as the credits taken by each identified affiliate.
Y. Acknowledgement that if the applicant is
awarded an mFLEX certification, specific statutory tax incentives will not be
available to the applicant.
Z.
Acknowledgement that the certified credit amount will be adjusted annually
based on actual investment and job creation, as well as updated estimates for
the project.
AA. Acknowledgement
that failure to comply with required reporting may result in the suspension or
revocation of all or a portion of the mFLEX credits awarded.
BB. Acknowledgement that in the event that
credits that have been taken and are later reduced through recalculation based
on company reporting or revocation due to failure to file the annual report
will be recaptured by the Department of Revenue as a tax liability.
Once the applicant signs and returns the agreement, a
certification will be issued that documents the mFLEX credit available to the
applicant. A copy of the certification will also be provided to the Department
of Revenue for administrative oversight.
