Common use of Project/Milestones Clause in Contracts

Project/Milestones. Taxpayer is a whole house fan manufacturer. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses as part of its expansion in Temecula, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

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Project/Milestones. Taxpayer, located in El Segundo, California, provides global business consulting and sourcing services to clients in the public and private sectors, to include strategic sourcing and technology optimization. Taxpayer is has certified in its application that absent award of the CCTC, the project will occur in another state and that it will terminate or relocate all or a whole house fan manufacturerportion of its employees in California to another state. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest Taxpayer agrees to expand its operations in furniture and fixtures, vehicles, manufacturing equipmentCalifornia through investment in tenant improvements, computer equipment, and software licenses as part of its expansion in Temecula, California by hiring full-time employees (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” Taxpayer may use the wages salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” the wage salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is distributes and sells light-emitting diode (LED) lighting to commercial and online vendors. Taxpayer has certified in its application that absent award of the CCTC, it may terminate all or a whole house fan manufacturerportion of its employees in California or relocate all or a portion of its employees in California to another state. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in real property, warehouse equipment, tenant improvements, furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses as part of its expansion in TemeculaSacramento, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” Taxpayer may use the wages salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” the wage salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturermanufacturer of dog treats under the name of Plato Pet Treats. Taxpayer has certified that at least 75% of its net increase of full-time employees will work at least 75% of the time in the city of Fresno. Fresno was an Area of High Unemployment and/or High Poverty at the time Taxpayer submitted its application In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipmentsoftware licenses, tenant improvements, and software licenses a facility as part of its expansion in TemeculaFresno, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer Taxpayer, located in San Jose, California, is a whole house fan manufacturermarketer and developer of semiconductor components including LCD panels, memory, and mobile technologies. Taxpayer has certified in its application that absent award of the CCTC, it may terminate all or a portion of its employees in California or relocate all or a portion of its employees in California to another state. In consideration for the Credit, Taxpayer agrees to continue to expand its North San Xxxx campus, invest in construction, furniture, fixtures, and computer equipment, and hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses as part of its expansion in Temecula, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A “A” (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of fullFull-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” Taxpayer may use the wages salaries of any of the fullFull-time employees hired and retained within the required time period. For purposes of calculating the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” the wage salary of any full-time employee that is not employed by Taxpayer the taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan nutritional and medical product manufacturer. Taxpayer has certified in its application that absent award of the CCTC, its project may occur in another state; and, it may terminate all or a portion of its employees in California or relocate all or a portion of its employees in California to another state. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer laboratory instruments, research and development equipment, and software licenses a facility as part of its expansion in Temeculathe City of Industry, Duarte, and a location to be determined in California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. Prior to entering into this Agreement, Taxpayer entered into a Co-Employer Agreement with TriNet HR Corporation (TriNet), a professional employer organization (PEO), to administer Taxpayer’s employee management responsibilities. For purposes of satisfying the milestones, terms, and conditions of this Agreement, Taxpayer is deemed the legal employer of those employees with whom Taxpayer and TriNet, or successor PEO, share joint employment. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturermanufacturer of educational materials for children. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipmentsoftware, computer equipment, land, tenant improvements, and software licenses manufacturing equipment as part of its expansion in TemeculaCarson, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerbio-diesel and ethanol manufacturer that specializes in using waste oils to produce ethanol. Taxpayer has certified that at least 75% of its net increase of full-time employees will work at least 75% of the time in Pixley, Tulare County. Tulare County was an Area of High Unemployment and/or an Area of High Poverty at the time Taxpayer submitted its application. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture manufacturing equipment and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses tenant improvements as part of its expansion in TemeculaPixley, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturercyber-security company that provides services to state and federal government and commercial entities. Specifically, Taxpayer develops intellectual property protection and threat mitigation technology for microelectronic devices. Taxpayer has also certified in its application that absent award of the CCTC, the project may occur in another state and that it may terminate or relocate all or a portion of its employees in California to another state. In consideration for the Credit, Xxxxxxxx agrees to invest in software licenses and patents for its security technology. In addition, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses as part of to support its expansion in Temecula, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” Taxpayer may use the wages salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” the wage salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerTaxpayer, located in El Monte, California, develops and manufactures composite products, such as cargo liner, floor panels, and nacelles, for the aircraft and aerospace industries. In consideration for the Credit, Taxpayer agrees to invest in floor panel manufacturing equipment and printing manufacturing equipment. Taxpayer will also purchase land near its existing facility in El Monte, California and build a new manufacturing facility on that land. Additionally, Taxpayer will hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses as part of to support its expansion in Temecula, California goals (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A “A” (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of fullFull-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” Taxpayer may use the wages salaries of any of the fullFull-time employees hired and retained within the required time period. For purposes of calculating the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” the wage salary of any full-time employee that is not employed by Taxpayer the taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufactureran emergency vehicle and apparatus manufacturer and servicer. Taxpayer has certified that at least 75% of its net increase of full-time employees will work at least 75% of the time in Oakdale, Stanislaus County. Stanislaus County was an Area of High Unemployment and/or an Area of High Poverty at the time Taxpayer submitted its application. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in furniture and fixturesbuilding construction, vehicles, manufacturing equipment, computer equipmenttenant improvements, and software licenses manufacturing equipment as part of its expansion in TemeculaOakdale, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerdevelops software solutions for employee performance management. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in furniture intellectual property, research and fixtures, vehicles, manufacturing development equipment, computer equipmentsoftware licenses, and software licenses computer equipment as part of its expansion in TemeculaSan Jose, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturertalent management agency representing eSports players. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in furniture and fixturesoffice space, vehicles, manufacturing equipmenttenant improvements, computer equipment, and software licenses furniture and fixtures as part of its expansion in TemeculaLos Angeles, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerrice processor and distributor. Taxpayer has certified that at least 75% of its net increase of full-time employees will work at least 75% of the time in Xxxxxxxx. Xxxxxxxx was an Area of High Unemployment and/or an Area of High Poverty at the time Taxpayer submitted its application. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in furniture and fixturestenant improvements, vehiclescomputer equipment, manufacturing equipment, computer heavy equipment, and software licenses vehicles as part of its expansion in TemeculaWilliams, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufactureran internet based bank and financial savings institution. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in computer equipment, furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses tenant improvements as part of its expansion in TemeculaSan Diego, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Full- Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerbowling alley. Taxpayer certified in its application that at least 75% of its net increase of full-time employees will work at least 75% of the time in the city of El Centro. The city of El Centro was an area of high unemployment and/ poverty at the time Taxpayer submitted its application. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses tenant improvements as part of its expansion in TemeculaEl Centro, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer designs and implements enterprise grade “experience-as-a-service” marketing platforms. Specifically, these platforms send customized information to the user’s smartphone or other wireless device while the customer is participating in some type of event, such as a whole house fan manufacturertheme park, providing the user with coupons and reminders of show start times, while simultaneously tracking what the user saw and experienced. In consideration for the Credit, Taxpayer agrees to invest in office space, computer equipment, and furniture and fixtures, and hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses as part of its expansion in TemeculaSan Diego, California California. (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” Taxpayer may use the wages salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” the wage salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufactureran entertainment and technology company creating television series and video games. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in computer equipment, software licenses, furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses office space as part of its expansion in TemeculaEl Segundo, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerdevelops new technology and products to treat wastewater in municipal, industrial, and agricultural markets. Taxpayer has certified that at least 75% of its net increase of full-time employees will work at last 75% of the time in Bakersfield. Bakersfield was an Area of High Unemployment and/or an Area of High Poverty at the time Taxpayer submitted its application. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses equipment as part of its expansion in TemeculaBakersfield, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is an aero-structure manufacturing company that specializes in sheet metal forming, machining, and fabrication for military, space, and commercial aerospace customers. Taxpayer has certified in its application that absent award of the CCTC, its project may occur in another state; and it may terminate all or a whole house fan manufacturerportion of its employees in California or relocate all or a portion of its employees in California to another state. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehiclesreal property, manufacturing equipment, computer equipment, and software licenses tenant improvements as part of its expansion in TemeculaCorona, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan snack food product manufacturer. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipmentfacilities, computer equipmenttenant improvements, and software licenses computer and food processing equipment as part of its expansion in TemeculaLos Angeles, Beaumont, and Fullerton, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerweb-based survey solutions provider. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in computer equipment, furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses tenant improvements as part of its expansion in TemeculaSan Mateo, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerfurniture manufacturer including indoor and outdoor tables, chairs, and banquettes. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses equipment as part of its expansion in TemeculaRedlands, Xxxxxx, and San Francisco, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturermanufacturer of protein-based chemical compounds for the cosmetic, veterinary, and pharmaceutical industries. Taxpayer has certified in its application that absent award of the CCTC, its project may occur in another state; and, it may terminate all or a portion of its employees in California or relocate all or a portion of its employees in California to another state. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipmentlaboratory instruments, and software licenses tenant improvements as part of its expansion in TemeculaTorrance and San Diego, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerdesigner and manufacturer of office furniture. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in manufacturing equipment, furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses tenant improvements as part of its expansion in TemeculaCypress and Buena Park, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturermanufactures and prints package labels for the food, beverage, and cosmetic industries. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipmenttenant improvements, facilities, and software licenses vehicles as part of its expansion in TemeculaNapa, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerfull service lumber yard in Truckee, California. Taxpayer has certified in its application that absent award of the CCTC, it will terminate all or a portion of its employees in California or relocate all or a portion of its employees in California to another state and that the project will occur in another state. In consideration for the Credit, Taxpayer agrees to expand its operations through the purchase and construction of a new facility in Truckee. Additionally, as part of its expansion, Taxpayer will hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses as part of its expansion in Temecula, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A “A” (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of fullFull-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” Taxpayer may use the wages salaries of any of the fullFull-time employees hired and retained within the required time period. For purposes of calculating the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” the wage salary of any full-time employee that is not employed by Taxpayer the taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturersoftware developer specializing in internet applications and software for independent vehicle repair facilities. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in furniture and fixtures, vehiclesa facility, manufacturing equipment, computer research and development equipment, and software licenses furniture and fixtures as part of its expansion in TemeculaSan Diego, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Full- Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-full- time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

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Project/Milestones. Taxpayer designs and implements enterprise grade “experience-as-a-service” marketing platforms. Specifically, these platforms send customized information to the user’s smartphone or other wireless device while the customer is participating in some type of event, such as a whole house fan manufacturertheme park, providing the user with coupons and reminders of show start times, while simultaneously tracking what the user saw and experienced. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to invest in office space, computer equipment, and furniture and fixtures, and hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses as part of its expansion in TemeculaSan Diego, California California. (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” Taxpayer may use the wages salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” the wage salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturervehicle collision repair business. Taxpayer has certified that at least 75% of its net increase of full-time employees will work at least 75% of the time in the city of Fresno. Fresno was an Area of High Unemployment and/or an Area of High Poverty at the time Taxpayer submitted its application. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixturesa facility, vehicles, manufacturing equipmenttenant improvements, computer equipment, and software licenses manufacturing equipment as part of its expansion in TemeculaFresno, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerdesigns, manufactures, and installs cabinetry for commercial and residential customers. Taxpayer has certified that at least 75% of its net increase of full-time employees will work at least 75% of the time in Fresno. Fresno was an Area of High Unemployment and/or an Area of High Poverty at the time Taxpayer submitted its application. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture vehicles and fixturescomputer, vehicles, manufacturing equipment, computer equipmentmanufacturing, and software licenses heavy equipment as part of its expansion in TemeculaFresno, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerdevelops new technology and products to treat wastewater in municipal, industrial, and agricultural markets. Taxpayer has certified that at least 75% of its net increase of full-time employees will work at last 75% of the time in Bakersfield. Bakersfield was an Area of High Unemployment and/or an Area of High Poverty at the time Taxpayer submitted its application. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses equipment as part of its expansion in TemeculaBakersfield, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan nutritional and medical product manufacturer. Taxpayer has certified in its application that absent award of the CCTC, its project may occur in another state; and, it may terminate all or a portion of its employees in California or relocate all or a portion of its employees in California to another state. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer laboratory instruments, research and development equipment, and software licenses a facility as part of its expansion in Temeculathe City of Industry, Duarte, and a location to be determined in California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. Prior to entering into this Agreement, Taxpayer entered into a Co-Employer Agreement with TriNet HR Corporation (TriNet), a professional employer organization (PEO), to administer Taxpayer’s employee management responsibilities. For purposes of satisfying the milestones, terms, and conditions of this Agreement, Taxpayer is deemed the legal employer of those employees with whom Taxpayer and TriNet, or successor PEO, share joint employment. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerdevelops software solutions for employee performance management. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture intellectual property, research and fixtures, vehicles, manufacturing development equipment, computer equipmentsoftware licenses, and software licenses computer equipment as part of its expansion in TemeculaSan Jose, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufactureroperates automobile collision repair facilities. Taxpayer has certified that at least 75% of its net increase of full-time employees will work at least 75% of the time in the city of Fresno. Fresno and Clovis were both Areas of High Unemployment and/or Areas of High Poverty at the time Taxpayer submitted its application. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses tenant improvements as part of its expansion in TemeculaFresno and Clovis, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is an accounting firm that specializes in audits, tax compliance, business valuations, and financial projections. Taxpayer has certified in its application that absent award of the CCTC, its project may occur in another state, and it may terminate all or a whole house fan manufacturerportion of its employees in California or relocate a portion of its employees in California to another state. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixturessoftware licenses, vehicles, manufacturing equipment, computer equipment, and software licenses office space as part of its expansion in Temecula, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” Taxpayer may use the wages salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” the wage salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerfinancial services company offering installment loans to consumers making online purchases. In consideration for the Credit, Taxpayer Xxxxxxxx agrees to hire full-time employees and invest in furniture computer equipment and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses office space as part of its expansion in TemeculaSan Francisco, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturermanufacturer of electric vehicle charging products. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipmentcomputers, and software licenses furniture and fixtures as part of its expansion in TemeculaSan Marcos, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerwholesale distributor and online retailer of baby clothes, toys, and products. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture a facility and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses tenant improvements as part of its expansion in TemeculaSacramento County, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer, located in El Segundo, California, provides global business consulting and sourcing services to clients in the public and private sectors, to include strategic sourcing and technology optimization. Taxpayer is has certified in its application that absent award of the CCTC, the project will occur in another state and that it will terminate or relocate all or a whole house fan manufacturerportion of its employees in California to another state. In consideration for the Credit, Xxxxxxxx agrees to Taxpayer agrees to hire full-time employees and invest expand its operations in furniture and fixtures, vehicles, manufacturing equipmentCalifornia through investment in tenant improvements, computer equipment, and software licenses as part of its expansion in Temecula, California by hiring full-time employees (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” Taxpayer may use the wages salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” the wage salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturerpharmaceutical developer and manufacturer specializing in vaccines and gene therapies. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture a facility and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses tenant improvements as part of its expansion in TemeculaCarlsbad, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturertalent management agency representing eSports players. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixturesoffice space, vehicles, manufacturing equipmenttenant improvements, computer equipment, and software licenses furniture and fixtures as part of its expansion in TemeculaLos Angeles, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufactureran online baby registry and e-commerce business. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in computer equipment and furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses fixtures as part of its expansion in TemeculaOakland and Sacramento, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufactureran underground infrastructure business that provides trenching and bore work to supply telecommunications equipment. Taxpayer certified in its application that at least 75% of its net increase of full-time employees will work at least 75% of the time in the city of Merced. Merced was an area of high unemployment and/or poverty at the time Taxpayer submitted its application. In consideration for the Credit, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, fleet vehicles, manufacturing heavy equipment, computer equipmenttenant improvements, and software licenses office space as part of its expansion in TemeculaMerced, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” Taxpayer may use the wages of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage of California Full-time Employees Hired” and the “Cumulative Average Annual Wage of California Full-time Employees Hired,” the wage of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

Project/Milestones. Taxpayer is a whole house fan manufacturervisual effects service provider for the film, television, commercial, and gaming industry. Specifically, Taxpayer offers visual representations, such as sketches and diagrams for complex sequences or shots, 3D animation and effects, matte painting and digital environment creation, and high-end compositing and finishing. In consideration for the Credit, Taxpayer agrees to invest in computer equipment, software licenses, office furniture, and tenant improvements for its facility in Burbank, California. In addition, Taxpayer agrees to hire full-time employees and invest in furniture and fixtures, vehicles, manufacturing equipment, computer equipment, and software licenses as part of to support its expansion in Temecula, California (collectively, the “Project”). Further, Taxpayer agrees to satisfy the milestones as described in Exhibit A (“Milestones”). In addition, Taxpayer ) and must maintain the three (3) employee based Milestones (“Total California Full-Time Employees,” “Minimum Annual Wage of California Full-Time Employees Hired,” and “Cumulative Average Annual Wage of California Full-Time Employees Hired”) for a minimum of three (3) taxable years thereafter. In the event Taxpayer employs more than the number of full-time employees, determined on an annual full-time equivalent basis, than required in Exhibit A, for purposes of satisfying the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” Taxpayer may use the wages salaries of any of the full-time employees hired within the required time period. For purposes of calculating the “Minimum Annual Wage Salary of California Full-time Employees Hired” and the “Cumulative Average Annual Wage Salary of California Full-time Employees Hired,” the wage salary of any full-time employee that is not employed by Taxpayer for the entire taxable year shall be annualized. In addition, the wage salary of any full-time employee hired to fill a vacated position in which a full-time employee was employed during Taxpayer’s Base Year shall be disregarded.

Appears in 1 contract

Samples: California Competes Tax Credit Allocation Agreement

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