Montana Code 90-1-201. Big sky economic development program — definitions
90-1-201. Big sky economic development program — definitions. (1) (a) There is a big sky economic development program that consists of:
Terms Used In Montana Code 90-1-201
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the department of commerce provided for in 2-15-1801. See Montana Code 90-1-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(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.