(1) The industrial plant owner must make application to the governing body of the affected taxing jurisdiction on a form provided by the department. The form shall include, among other information, a specific description of the improvement or modernized process for which specialized tax treatment is requested, the date when construction or installation is to commence or has commenced and the date when it is to be completed. In addition, the plant owner must provide a disclosure of other property tax benefits the property receives or for which application has been made. The governing body of the affected taxing jurisdiction must approve the application and pass an approving resolution before tax benefits under 15-24-1402 , MCA, can be received.

(2) In order to be considered for the current tax year, an application must be filed on the form available from the department on or before January 1 of the tax year.

(3) The plant owner must notify the department by sending a copy of the approved application described in (1) within 30 days after receiving approval from the affected taxing jurisdiction.

(4) The preceding year and current year's additions and investments may be considered and included for purposes of determining whether the threshold investment levels specified in 15-24-1401 , MCA have been met.

(5) The department shall appraise the industrial plant after expansion or modernization.

(6) Only the increased value attributed to the expansion or modernization will receive tax incentives under 15-24-1402 , MCA.

(7) An industrial plant which qualifies for classification as new industrial property under 15-6-135 , MCA, cannot qualify for a tax incentive pursuant to 15-24-1402 , MCA, as new or expanding industry property defined in 15-24-1401 , MCA.

(8) Additional expansion or modernization of an industrial plant constructed in tax years subsequent to an expansion approved for tax incentives under 15-24-1402 , MCA, does not qualify for an additional tax incentive unless an additional application is filed and an approving resolution passed.

(9) An applicant seeking to qualify pursuant to 15-24-1401 , MCA, shall include the same information and certifications as required by ARM 42.19.1222.