Page 564

House Bill No. 5506

Public Act No. 22-118 564 of 739

(5) "Full-time job" means a job in which an employee is required to work at least thirty-five or more hours per week. "Full-time job" does not include a temporary or seasonal job; (6) "Median household income" means the median annual household income for residents in a municipality as calculated from the U.S. Census Bureau's five-year American Community Survey or another data source, at the sole discretion of the commissioner; (7) "New employee" means a person or persons hired by the qualified business to fill a full-time equivalent position. A new employee does not include a person who was employed in this state by a related person with respect to the qualified business within twelve months prior to a qualified business' application to the commissioner for a rebate allocation notice for a job creation rebate pursuant to subsection (c) of this section; (8) "New FTEs" means the number of FTEs that (A) did not exist in this state at the time of a qualified business' application to the commissioner for a rebate allocation notice for a job creation rebate pursuant to subsection (c) of this section, (B) are not the result of FTEs acquired due to a merger or acquisition, (C) are filled by a new employee, (D) are qualified FTEs, and (E) are not FTEs hired to replace FTEs that existed in the state after January 1, 2020. The commissioner may issue guidance on the implementation of this definition; (9) "New FTEs created" means the number of new FTEs that the qualified business is employing at a point-in-time at the end of the relevant time period; (10) "New FTEs maintained" means the total number of new FTEs employed throughout a relevant time period; (11) "Opportunity zone" means a population census tract that is a low-income community that is designated as a "qualified opportunity