261—71.5 (403) Project approval.
	 71.5(1) Application for project approval.
	  a.   	 Prior to entering into a withholding agreement with an employer, a pilot project city must receive approval from the department. The department shall develop a standardized application for project approval and shall make the application available to eligible pilot project cities. The application for project approval shall include, but not be limited to, the following information regarding a project:
	 (1) 	 A general description of the project, including how the pilot project city will utilize withholding funds generated by the project.
	 (2) 	 Information regarding the number of targeted jobs in the project, the wages of the targeted jobs, and the types of jobs created by the project.
	 (3) 	 A budget for the project, showing the total project cost, the amount of local matching funds committed to the project, and the amount of withholding funds the city will receive from the project.
	 (4) 	 A copy of the withholding agreement to be entered into between the city and the employer.
	 (5) 	 A letter or resolution of support from the local government showing support for the project.
	  b.   	 Applications for project approval for the targeted jobs withholding tax credit program may be submitted at any time. The department will review applications for projects in as timely a manner as possible. All applications will be presented to the IDED board for comment prior to the department’s approval. A pilot project city will be notified in writing of the department’s decision regarding the project.
	 71.5(2) Certification to the department of revenue.
	  a.   	 The employer shall certify to the department of revenue that the targeted jobs withholding tax credit is in accordance with the withholding agreement and shall provide other information the department of revenue may require.
	  b.   	 A pilot project city shall certify to the department of revenue the amount of the targeted jobs withholding tax credit an employer has remitted to the city and shall provide other information the department of revenue may require.
	  c.   	 Notice of any withholding agreement shall be provided promptly to the department of revenue following its execution between a pilot project city and an employer.
[ARC 7561B, IAB 2/11/09, effective 3/18/09]