In this subtitle the following words have the meanings indicated. “Approved project” means a project that the Department approves under § 6–405 of this subtitle. “Business entity” means a person that conducts a trade or business in the State and is subject to: the State income tax on individuals or corporations; the public service company franchise tax; or the insurance premiums tax. “Individual” means an individual as defined under § 10–101 of the Tax – General Article. “Nonprofit organization” means a nonprofit corporation, foundation, or other legal entity that is exempt from federal income tax under § 501(c)(3) of the Internal Revenue Code. “Priority funding area” means a priority funding area under § 5–7B–02 of the State Finance and Procurement Article. “Redevelopment assistance” means the money that nonprofit organizations spend for labor and materials used directly in the physical improvement of part or all of a priority funding area.