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In AS 45.81 and this chapter, unless the context indicates otherwise,
(1) "ceasing to operate" means
(B) discontinuing business operations in the state, resulting in the furlough or dismissal of the employed workforce;
(2) "department" means the Department of Commerce, Community, and Economic Development;
(3) "directly compete" means to manufacture a product substantially similar to a product that an existing business manufactures for twelve months or more before the date of the grant request;
(4) "equipment" means machinery, and appurtenances to that machinery, used in the manufacture of products for export outside the state by the business;
(5) "existing business" means a corporation, person, or other legal entity, domestic or foreign, that itself or through its subsidiary or affiliate, holds an active business license issued under AS 43.70 and 12 AAC 12;
(6) "finance" means to provide with capital or loan money as needed to carry on the business;
(7) "governing body" means, if the business is to be located in
(A) a city in the unorganized borough, the council of that city; or
(B) an organized borough or unified municipality, the assembly of that borough or municipality;
(8) "initial inventory" means raw or partially manufactured materials required by the business during the first year of operation, to the extent that those materials must be imported from outside the state;
(9) "key personnel" means officers, supervisory management employees, or technical personnel, that are necessary for the successful conduct of business operations in the state;
(10) "municipality" has the meaning given that term in AS 01.10.060 ;
(11) "new branch" means a commercial enterprise that is operated for profit, organized under the laws of this state, and headquartered in another state or another location within this state;
(12) "new business" means a commercial enterprise that is operated for profit, organized under the laws of the state, and headquartered in the state;
(13) "operating" means maintaining employees in the state, continuing to manufacture and export products from the state, and maintaining an active business license with the department in accordance with AS 43.70 and 12 AAC 12;
(14) "primarily engaged" means deriving greater than 80 percent of the business's revenue from the business's primary business activity, as indicated through the business classification code specified for that activity under 3 AAC 59.030(a) (1)(B)(ii);
(A) means the total compensation paid or stipulated to be paid by the business to employees, before deductions; for services rendered while on the payroll of the business; and
(B) does not include any amount paid by the business on behalf of employees for fringe benefits; for purposes of this subparagraph, "fringe benefits" includes contributions for group health or life insurance, employee retirement, social security, and worker's compensation.
History: Eff. 6/11/2000, Register 154
Authority: AS 45.81.010
Editor's note: As of Register 171 (October 2004), the regulations attorney made technical revisions under AS\n 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.
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Last modified 7/05/2006