143B-437.51. Definitions.

The following definitions apply in this Part:

(1) Agreement. - A community economic development agreement under G.S. 143B-437.57.

(2) Base period. - The period of time set by the Committee during which new employees are to be hired for the positions on which the grant is based.

(3) Business. - A corporation, sole proprietorship, cooperative association, partnership, S corporation, limited liability company, nonprofit corporation, or other form of business organization, located either within or outside this State.

(4) Committee. - The Economic Investment Committee established pursuant to G.S. 143B-437.54.

(4a) Development tier. - The classification assigned to an area pursuant to G.S. 143B-437.08.

(5) Eligible position. - A position created by a business and filled by a new full-time employee in this State during the base period.

(6) Full-time employee. - A person who is employed for consideration for at least 35 hours a week, whose wages are subject to withholding under Article 4A of Chapter 105 of the General Statutes, and who is determined by the Committee to be employed in a permanent position according to criteria it develops in consultation with the Attorney General. The term does not include any person who works as an independent contractor or on a consulting basis for the business.

(6a) High-yield project. - A project for which the agreement requires that a business invest at least five hundred million dollars ($500,000,000) in private funds and create at least 1,750 eligible positions.

(7) New employee. - A full-time employee who represents a net increase in the number of the business's employees statewide.

(8) Overdue tax debt. - Defined in G.S. 105-243.1.

(9) Related member. - Defined in G.S. 105-130.7A.

(10) Withholdings. - The amount withheld by a business from the wages of employees in eligible positions under Article 4A of Chapter 105 of the General Statutes. (2002-172, s. 2.1(a); 2003-416, s. 2; 2003-435, 2nd Ex. Sess., s. 2.1; 2006-168, s. 1.1; 2006-252, s. 2.6; 2006-264, s. 69(a); 2015-259, s. 1(a); 2015-264, s. 91(a).)