KRS 154.60-010: Definitions for subchapter.

As used in this subchapter:

(1) "Authority" means the Kentucky Economic Development Finance Authority;

(2) (a) "Average hourly wage" means the per -hour wage earned by a full -time

employee, including wages, tips, overtime, bonuses, and commissions, as

reflected on the employee's federal form W-2 wage and tax statement.

(b) "Average hourly wage" does not include employee benefits as defined in KRS

154.32-010, including health insurance and reimbursements;

(3) "Base employment" means:

(a) For the first application for which credits are appro ved, the number of full -

time employees employed on the day prior to the work start date of the new

employee filling the earliest eligible position identified on the application;

(b) For subsequent applications, the number of full -time employees employed on

the day prior to the work start date of the new employee filling the earliest

eligible position identified on the initial approved application plus each

eligible position for which a credit has been approved; and

(c) For applications from businesses invol ved in mergers, acquisitions, or federal

tax identification number changes, base employment may be adjusted by the

Cabinet for Economic Development;

(4) "Eligible position" means each position that:

(a) Is filled by a full -time employee and that increases the total employment of

the small business above its base employment; and

(b) Carries an average hourly wage of no less than one hundred fifty percent

(150%) of the federal minimum wage;

(5) "Full-time employee" means a person employed by a small business for at least an

average of thirty -five (35) hours per week and subject to the state tax imposed by

KRS 141.020;

(6) "Qualifying equipment or technology" means equipment or technology that has

been approved by the Office of Entrepreneurship and Innovation; and

(7) "Small business" means any business entity organized for profit that has been

approved by the Office of Entrepreneurship and Innovation, including a sole

proprietorship, partnership, limited part nership, corporation, limited liability

company, joint venture, association, or cooperative, that has fifty (50) or fewer

employees working more than thirty -five (35) hours per week, whether within or

outside the Commonwealth, at the time it applies.