(1) With instruction from the council, and in accordance with criteria as established by rules, the director of the department shall enter into a reimbursement incentive agreement with the applicant, provided the agreement defines the following in addition to the terms as approved by the council: (a) The term of the agreement which in no case shall exceed fifteen (15) years; (b) The projected new state revenues to be generated during the term of the project; (c) The method and recordkeeping requirements to be used by the applicant to determine the new state revenue paid by the applicant. The approved tax credit percentage applied to new state revenue each year the applicant is entitled to receive the reimbursement during the term of the project; (d) The projected new jobs; (e) The terms and conditions of any and all requirements and measurements that must be met prior to the issuance of a tax credit authorization; (f) The agreed upon and necessary proof of compliance required prior to tax credit issuance. Proof of compliance provided by the applicant must be adequate to demonstrate to the director that all requirements and measurements have been met for the applicant to receive the tax credit; (g) The consequences of default by the applicant; (h) The period to be used to determine the taxes paid at the date of application; (i) Identification of any individual or entity included within the application that is entitled to a rebate pursuant to section 63-3641 or 63-4408 , Idaho Code, or is required to obtain a separate seller's permit pursuant to chapter 36, title 63 , Idaho Code. (j) The federal employer identification and social security number for each individual or entity included within the definition of business entity and that is included within the filing of the application; and (k) Identification of the individual or entity that is or will be claiming the refundable credit.
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