77-6549.

Wage retention credit; application; fee; confidentiality; approval of application; conditions; notice; agreement.

(1) In order for the employer to be eligible for the wage retention credit, the employer shall file an application for an agreement with the director.

(2) The application shall:

(a) State the exact name of the taxpayer and any related companies;

(b) Include a description, in detail, of the nature of the company's business, including the products sold and respective markets;

(c) Request that the company be considered for approval under the Grow the Good Life Act;

(d) Acknowledge that the employer understands and complies with the requirements for providing health insurance, providing a sufficient package of benefits, enforcing a policy against discrimination, and verifying the work eligibility status of all new employees;

(e) State the number of base-year employees; and

(f) Include a nonrefundable application fee of five thousand dollars. The fee shall be remitted to the State Treasurer for credit to the Nebraska Incentives Fund.

(3) The application, and all supporting information, is confidential except for the name of the taxpayer, the number of employees retained, and whether the application has been approved.

(4) An application may be approved by the director only if it is consistent with the legislative purposes contained in section 77-6545, the employer will retain its headquarters in the state throughout the earnings period and the usage period, and the employer will retain at least ninety percent of the base-year employees in the state throughout the earnings period and the usage period. This threshold regarding base-year employees constitutes the required level of employment for purposes of the Grow the Good Life Act. The director shall mail a notice within thirty days after receiving the application, indicating the approval or disapproval of the application, unless the time is extended by mutual written consent of the director and applicant.

(5) If the application is approved by the director, the employer and the state shall enter into a written agreement, which shall be executed on behalf of the state by the director. In the agreement, the employer shall agree to retain its headquarters in the state throughout the earning period and the usage period, and retain at least ninety percent of the base-year employees in the state throughout the earning period and the usage period. In consideration of the employer's agreement, the state shall agree to allow the wage retention credits as provided in the Grow the Good Life Act. The application, and all supporting documentation, to the extent approved, shall be considered a part of the agreement. The agreement may contain such terms and conditions as the director specifies in order to carry out the legislative purposes of the Grow the Good Life Act. The agreement shall contain provisions to allow the Department of Revenue to verify that the required levels of employment have been maintained and the headquarters is still located in the state.