Terms Used In Nebraska Statutes > Key Employer and Jobs Retention Act

• Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Base year: means the year immediately preceding the year during which the change in ownership and control occurred. See Nebraska Statutes 77-6505
• Base-year employees: means the number of equivalent employees employed by the taxpayer during the base year in Nebraska who (1) are paid wages at a rate equal to at least one hundred percent of the Nebraska statewide average hourly wage for the year of application and (2) receive a sufficient package of benefits as specified in the ImagiNE Nebraska Act. See Nebraska Statutes 77-6506
• Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Equivalent employees: means the number of employees computed by dividing the total hours paid in a year by the product of forty times the number of weeks in a year. See Nebraska Statutes 77-6508
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Key employer: means a taxpayer that:

  (1) Employs at least one thousand equivalent employees in Nebraska during the base year. See Nebraska Statutes 77-6509

• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Nebraska statewide average hourly wage for any year: means the most recent statewide average hourly wage paid by all employers in all counties in Nebraska as calculated by the Office of Labor Market Information of the Department of Labor using annual data from the Quarterly Census of Employment and Wages by October 1 of the year prior to application. See Nebraska Statutes 77-6510
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Performance period: means the year of application plus the next nine years. See Nebraska Statutes 77-6511
• Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
• Personal property: All property that is not real property.
• Process: shall mean a summons, subpoena, or notice to appear issued out of a court in the course of judicial proceedings. See Nebraska Statutes 49-801
• Qualified business: means any business if the majority of the business activities conducted throughout Nebraska by such business meet the requirements for a qualified location as defined in subsection (1) or (2) of section 77-6818. See Nebraska Statutes 77-6512
• State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
• Taxpayer: means any person subject to sales and use taxes under the Nebraska Revenue Act of 1967 and subject to withholding under section 77-2753 and any entity that is or would otherwise be a member of the same unitary group, if incorporated, that is subject to such sales and use taxes and such withholding. See Nebraska Statutes 77-6513
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• United States: shall include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801
• Wage retention credit: means the credit described in the Key Employer and Jobs Retention Act. See Nebraska Statutes 77-6514
• Year: means calendar year. See Nebraska Statutes 77-6515