A.  Applications for contracts of exemption shall be addressed to the Department of Economic Development, and a notice of the application and amount and type of exemption thereof shall be transmitted to each member of the legislature and to the assessor and governing authority of each political subdivision wherein said manufacturing establishment is located or is to be located, at the same time the application is sent 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 determine whether exemptions should be provided in a contract of exemption to be recommended to the Board of Commerce and Industry.  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.

B.  The Board of Commerce and Industry shall review any recommendations for exemptions made by the governor and the Department of Economic Development.  The board shall conduct public hearings on any application for exemption, upon such terms and under such procedures as it shall provide by rule.  The board shall forward its recommendations, together with the proposed contract between the board and the applicant and all other supporting documents to the Department of Economic Development, to the governor and the Legislative Budget Committee, to the assessor and to each member of the legislature, and to the governing authority of said political subdivision prior to action by the governor thereon.  Upon receipt, of the recommendations and proposed contract the governor and the Legislative Budget Committee shall each have thirty days to approve or reject the contract and, if approved, to thereafter return the contract to the board, and the Departments of Economic Development and Revenue for implementation.

Added by Acts 1982, No. 773, §1; Acts 1997, No. 658, §2; Acts 2005, No. 403, §1.