For purposes of Sections 57-1-753 through 57-1-761, the following words shall have the meanings ascribed herein unless the context otherwise requires:
(a) "Certified applicant" or "applicant" means any privately owned corporation, partnership, company or other for-profit business enterprise or any individual receiving one or more economic incentives worth, in total, in excess of Five Million Dollars ($5,000,000.00).(b) "Economic incentive" or "incentive" means any grants and/or loans awarded by the department to the certified applicant, and in exchange the certified applicant agrees to take some action that contributes to economic development.(c) "Qualified economic development project" means a business or other economic development project receiving one or more economic incentives worth, in total, in excess of Five Million Dollars ($5,000,000.00).(d) "Full-time employee" means an individual who is employed for consideration for an average of at least thirty-five (35) hours each week or who renders any other standard of service generally accepted by custom or specified by contract as full- time employment.(e) "Part-time employee" means an individual who is employed for consideration for an average of less than thirty-five (35) hours each week or who renders any other standard of service generally accepted by custom or specified by contract as part- time employment.(f) "Employee of a temporary employment agency" means an individual who is hired by a temporary employment agency providing temporary or contract jobs, where the individual performing the work is either an independent contractor or an employee of the temporary employment agency, rather than an employee of the certified applicant or qualified economic development project receiving an economic incentive.(g) "New employee" means a full-time employee first employed by a certified applicant after the applicant enters into an agreement to receive the economic incentive.(h) "Annual report" means the report described in Section 57-1-759.Amended by Laws, 2020, ch. 482, SB 2563,§ 2, eff. 7/1/2020.