A.  Applications for contracts of exemption shall be addressed to the Department of Economic Development.  The Department of Economic Development shall review applications to determine whether the requirements for an exemption contract have been satisfied, and shall recommend to the Board of Commerce and Industry the appropriate action to be taken.  The Department of Revenue shall aid the Department of Economic Development in determining whether the tax information furnished by the applicant is true and correct.  Such contracts, in addition to providing for the exemption herein, shall include but not be limited to such terms and conditions as shall support new or retained employment goals, investment and growth as shall, to the satisfaction of the department, board, and governor, promote the goals of economic development that are the purpose of this Chapter.

B.  The Board of Commerce and Industry shall review any recommendations for exemptions made by the Department of Economic Development.  If the Board of Commerce and Industry concurs in the recommendation of the Department of Economic Development, it shall forward the recommendation to the Department of Revenue with the application, contract, and all supporting documents.  The Department of Revenue shall within ten days after receipt of the notice file in writing with the Board of Commerce and Industry any objections it has to granting the exemption.  If no objection is made, the Board of Commerce and Industry shall send the recommendation to the governor with a finding that no objection was filed by the Department of Revenue.  If any such objection is made, the Board of Commerce and Industry shall hold a contradictory hearing to determine whether such exemption should be granted and the Board of Commerce and Industry shall act as arbitrator at such hearing.  The Board of Commerce and Industry shall make its recommendations in writing to the governor for a final determination.  Thereafter, the governor shall make the determination to approve the contract as submitted within thirty days of its submission.

Acts 1966, Ex.Sess., No. 12, §3.  Amended by Acts 1976, No. 381, §1; Acts 1985, No. 3, §1, eff. May 31, 1985; Acts 1989, No. 491, §1; Acts 1998, No. 60, §1; Acts 2005, No. 403, §1.