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 approved, 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 involved 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 partnership, 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.