(1) In order for the key employer to be eligible for the wage retention credit, the key 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 Key Employer and Jobs Retention Act;

(d) Acknowledge that the key 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) The director shall determine whether to approve the application based upon whether the applicant meets the definition of a key employer which is at risk for moving more than one thousand existing full-time jobs from the state and whether the director believes the applicant would leave the state if the application is not approved.

(5) The director shall notify the applicant in writing as to whether the application has been approved or not. The director shall decide and mail the notice within thirty days after receiving the application, regardless of whether he or she approves or disapproves the application, unless the time is extended by mutual written consent of the director and the applicant.

(6) An application may be approved only if it is consistent with the legislative purposes contained in section 77-6502 and the key employer will retain at least ninety percent of the base-year employees in the state throughout the performance period. This threshold constitutes the required level of employment for purposes of the Key Employer and Jobs Retention Act.

(7) If the application is approved by the director, the key 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 key employer shall agree to retain at least ninety percent of the base-year employees and, in consideration of the key employer's agreement, the state shall agree to allow the wage retention credits as provided in the Key Employer and Jobs Retention 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 Key Employer and Jobs Retention Act. The agreement shall contain provisions to allow the Department of Revenue to verify that the required levels of employment have been maintained.