In General. In this chapter, the following terms have the meanings indicated and as defined in the Act. Any terms also appearing in the Internal Revenue Code have the meanings defined there as well. Terms Defined. “Act” means the Neighborhood and Community Assistance Program established in Housing and Community Development Article, Title 6, Subtitle 4, Annotated Code of Maryland. “Approved project” means a project approved by the Department in accordance with Regulation .04 of this chapter. “Business entity” means a person that: Conducts or operates a trade or business in the State; and Is subject to the: State income tax on individuals or corporations, Financial institution franchise tax, Public service company franchise tax, or Insurance premiums tax. “Contribution” means a donation by a business entity or an individual of money, goods, or real property of at least $500 in value to an approved project. “Department” means the Department of Housing and Community Development, a principal department of the State. “Designated neighborhood conservation area ”means a geographically defined area that has been designated a neighborhood conservation area under COMAR 05.17.03. “Individual” has the meaning stated in Tax-General Article, §10-101, Annotated Code of Maryland. “Individual of limited income” means an individual whose income does not exceed the upper income limits established by the Secretary under Housing and Community Development Article, §4-212, Annotated Code of Maryland. “Internal Revenue Code” means the federal Internal Revenue Code of 1986 and the regulations promulgated under it. “Nonprofit organization” means a not-for-profit corporation, foundation, or other legal entity that is exempt from federal income tax under §501(c)(3) of the Internal Revenue Code. “Program” means the Community Investment Tax Credit Program. “Priority funding area” has the meaning stated in State Finance and Procurement Article, §5-7B-02, Annotated Code of Maryland. “Redevelopment assistance” means the expenditure of funds by nonprofit organizations for labor and materials used directly in the physical improvements of any part or all of a priority funding area. “Secretary” means the Secretary of Housing and Community Development. “State fiscal year” means July 1 through June 30. “Sustainable community” means the part of a priority funding area that: Has been designated as a sustainable community in accordance with COMAR 05.17.02; Has been designated as a BRAC Revitalization and Incentive Zone under Economic Development Article, Title 5, Subtitle 13, Annotated Code of Maryland; or Has been designated as a transit-oriented development under Transportation Article, §7-101, Annotated Code of Maryland.