§ 8050. Committee Meeting.

(a) The committee shall either approve or reject the California competes tax credit agreement recommended by GO-Biz.

(b) The committee shall either approve or reject any recommendations made by GO-Biz to recapture any previously awarded tax credits due to the applicant's failure to satisfy the terms and conditions of the California competes tax credit agreement.

(c) If a committee member is unable to participate in person, he or she may participate remotely by telephone, video conference, or other electronic means. Such participation shall count towards satisfying quorum requirements. Participation through such alternative means shall be equivalent to in-person participation and any action or vote taken remotely shall constitute a valid vote or action.

(d) A quorum is necessary for the committee to take any action. The committee consists of five members as set forth in section 18410.2 of the Revenue and Taxation Code. Three committee members shall constitute a quorum and the affirmative vote of two members shall be necessary for any action to be taken by the committee.

(e) Committee proceedings shall be recorded, transcribed or captured in some equivalent method, and minutes shall be created and shall be presented for approval at a subsequent meeting of the committee.

HISTORY

1. New section filed 2-20-2014 as an emergency; operative 2-20-2014 (Register 2014, No. 8). A Certificate of Compliance must be transmitted to OAL by 8-19-2014 or emergency language will be repealed by operation of law on the following day.

Note

Note: Authority cited: Sections 17059.2 and 23689, Revenue and Taxation Code. Reference: Sections 17059.2, 18410.2 and 23689, Revenue and Taxation Code.