90-1-201. Big sky economic development program -- definitions. (1) (a) There is a big sky economic development program that consists of:

(i) the big sky economic development fund established in 17-5-703; and

(ii) the economic development special revenue account provided for in 90-1-205.

(b) Interest and income from the big sky economic development fund may be used to administer the big sky economic development program and to provide financial assistance for qualified economic development purposes under this part.

(2) As used in this part, the following definitions apply:

(a) "Department" means the department of commerce provided for in 2-15-1801.

(b) "Economic development organization" means:

(i) a private, nonprofit corporation, as provided in Title 35, chapter 2, that is exempt from taxation under section 501(c)(3) or 501(c)(6) of the Internal Revenue Code, 26 U.S.C. 501(c)(3) or 501(c)(6); or

(ii) an entity actively engaged in economic development and business assistance work in a region of the state.

(c) "Eligible business" means a for-profit or nonprofit business or tribally owned business that is engaged in business activities in the state that will provide a significant positive economic impact to the community, region, or state.