As used in this chapter, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:
"Qualified business or industry" means a manufacturing enterprise that has been operating in this state for not less than two (2) consecutive years that meets minimum criteria established by the Mississippi Development Authority.
"Qualified job" means a full-time job in this state:
At the location of a qualified business or industry that has qualified to receive an incentive payment pursuant to this chapter;
Which did not exist in this state before the date of approval by the MDA of the application of the qualified business or industry pursuant to the provisions of this chapter; and
The average annual salary of which is at least one hundred percent (100%) of the state or county average annual wage, whichever is the lesser.
"Full-time employment" means a job of at least thirty-five (35) hours per week.
"Rebate amount" means the amount of Mississippi income taxes withheld from employees in qualified jobs that is available for rebate to the qualified business or industry, provided that:
Except as otherwise provided in this paragraph (d), the rebate amount shall be three and one-half percent (3-1/2%) of the wages and taxable benefits for qualified jobs; and
In no event shall incentive payments exceed the actual Mississippi income taxes withheld from employees in qualified jobs that are available for rebate to the qualified business or industry.
"MDA" means the Mississippi Development Authority.