(b)

1. (1) A taxpayer submits to the commission’s incentives manager a completed, signed Manufacturing Replacement and Repair Sales and Use Tax Refund Application, consisting of the following sections:

   1. (A) Applicant information including:

(i) The name, address, physical location, and contact of the company for which the application is being submitted; and

1. (ii) A statement of project need;

   1. (B) A project plan consisting of:

      1. (i) Estimated start and completion dates of project;
      2. (ii) A description of the project scope;
      3. (iii) Project cost estimates; and
      4. (iv) Data providing reasonable proof that there will be a positive return on the taxpayer’s investment in the major maintenance and improvement project that is sufficient to offset the refunded taxes; and

   2. (C) Certifications:

      1. (i) Signature of company official; and
      2. (ii) Contract disclosure.

2. (2) The incentives manager reviews the application to determine that:

   1. (A) The taxpayer holds a direct pay or a limited direct pay sales and use tax permit from the department;
   2. (B) The taxpayer is eligible for the increased refund for major maintenance and improvement projects provided for by Acts 2013, No. 1404, as amended;
   3. (C) The taxpayer has provided reasonable proof that there will be a positive return on the taxpayer’s investment in the major maintenance and improvement project that is sufficient to offset the costs of the refund;
   4. (D) The taxpayer has provided a defined scope, beginning date, and ending date for the major maintenance and improvement project;
   5. (E) The refund is reasonably necessary for the taxpayer to remain competitive and preserve Arkansas jobs; and
   6. (F) Major maintenance and improvement-eligible project expenditures will be at least three million dollars ($3,000,000).

3. (3)

   1. (A) If the commission determines that the application is complete and meets all requirements, the incentives manager:

      1. (i) Prepares a financial incentive agreement; and
      2. (ii) Forwards one (1) copy to the approved applicant for signature and return.
   2. (B) Unapproved applicants will be notified of the reasons for disapproval in writing by the commission.

4. (4) Upon receipt of the signed financial incentive agreement from the approved applicant, the incentives manager:

   1. (A) Prepares an approval letter; and
   2. (B) Forwards the financial incentive agreement and the approval letter to the Director of the Arkansas Economic Development Commission for signature.
5. (5) The director signs the financial incentive agreement and the approval letter and forwards each to the incentives manager for distribution.

6. (6) The incentives manager, on behalf of the director:

   1. (A) Forwards the taxpayer’s approved application, financial incentive agreement, signed approval letter, and any other pertinent documentation to the Secretary of the Department of Finance and Administration;
   2. (B) Forwards a copy of the executed financial incentive agreement and approval letter to the approved applicant; and
   3. (C) Retains copies of all original documents in the commission’s files.
7. (7) The taxpayer shall contact the department with questions regarding refund claims.
8. (8) A taxpayer that has been approved for the increased refund for major maintenance and improvement projects may request changes to the project plan only by written amendment submitted to and approved by the director.