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 Tax-General Article, Title 10, Subtitle 7, Annotated Code of Maryland. “Department” means the Department of Housing and Community Development, a principal department of the State. “Donation” means a donation by a taxpayer of money or publicly traded securities of at least $500 in value to a qualified permanent endowment fund. “Eligible community foundation” means an organization that: Is exempt from taxation under §501(c)(3) of the Internal Revenue Code; Is commonly known as a community trust, fund, endowment, or foundation or by another similar name that conveys the concept of a capital or endowment fund to support charitable activities in the community or area that it serves; Satisfies the public support test of §170(b)(1)(a)(vi) of the Internal Revenue Code and regulations adopted under that section; and Is in compliance with national standards for United States community foundations established by the Community Foundations National Standards Board within the Council on Foundations. “Internal Revenue Code” means the federal Internal Revenue Code of 1986 and the regulations promulgated under it. “Qualified permanent endowment fund” means a fund that: Is held in perpetuity by an eligible community foundation; Is used for the benefit of charitable causes in the State; and Has an annual spending rate of 5 percent or less calculated using at least a 12-quarter trailing average of the total amount of the fund. “Redevelopment assistance” means the expenditure of funds by community foundations for labor and materials used directly in physical improvements. “Secretary” means the Secretary of Housing and Community Development. “State fiscal year” means July 1 through June 30. “Taxpayer” means a business entity or individual that is subject to the State income tax on individuals or corporations.