As used in this subchapter, unless the context otherwise requires: (1) "Billing address" means the location indicated in the books and records of the taxpayer on the first day of the taxable year, or on such later date in the taxable year when the customer relationship began, as the address where any notice, statement, or bill relating to a customer's account is mailed; (2) "Borrower or credit card holder located in this state" means: (A) A borrower, other than a credit card holder, that is engaged in a trade or business which maintains its commercial domicile in this state; or (B) A borrower that is not engaged in a trade or business or a credit card holder whose billing address is in this state; (3) "Commercial domicile" means: (A) The headquarters of the trade or business, that is, the place from which the trade or business is principally managed and directed; or (B) If a taxpayer is organized under the laws of a foreign country, or of the Commonwealth of Puerto Rico, or any territory or possession of the United States, such taxpayer's commercial domicile shall be deemed for the purposes of this subchapter to be the state of the United States or the District of Columbia from which such taxpayer's trade or business in the United States is principally managed and directed. It shall be presumed, subject to rebuttal, that the location from which the taxpayer's trade or business is principally managed and directed is the state of the United States or the District of Columbia to which the greatest number of employees are regularly connected or out of which they are working, irrespective of where the services of such employees are performed, as of the last day of the taxable year; (4) "Credit card" means a credit, travel, or entertainment card; (5) "Credit card issuer's reimbursement fee" means the fee a taxpayer receives from a merchant's bank because one (1) of the persons to whom the taxpayer has issued a credit card has charged merchandise or services to the credit card; (6) "Employee" means, with respect to a particular taxpayer, any individual who, under the usual common law rules applicable in determining the employer-employee relationship, has the status of an employee of that taxpayer; (7) "Financial institution" means: (A) Any corporation or other business entity registered under state law as a bank holding company or registered under the Bank Holding Company Act of 1956, 12 U.S.C. § 1841 et seq., as amended and in effect January 1, 1995, or registered as a savings and loan holding company under the National Housing Act, 12 U.S.C. § 1701 et seq., as amended and in effect January 1, 1995; (B) A national bank organized and existing as a national bank association pursuant to the provisions of The National Bank Act, 12 U.S.C. § 21 et seq., as in effect January 1, 1995; (C) A savings association or federal savings bank as defined in the Federal Deposit Insurance Act, 12 U.S.C. § 1813(b)(1) , as in effect January 1, 1995; (D) Any bank or thrift institution incorporated or organized under the laws of any state; (E) Any corporation organized under the provisions of 12 U.S.C. §§ 611 - 631 , as in effect January 1, 1995; (F) Any agency or branch of a foreign depository as defined in 12 U.S.C. § 3101 , as in effect January 1, 1995; (G) A production credit association organized under the Farm Credit Act of 1933, 12 U.S.C. § 1131 et seq. [repealed], as in effect January 1, 1995, all of whose stock held by the Federal Production Credit Corporation has been retired; (H) Any corporation whose voting stock is more than fifty percent (50%) owned, directly or indirectly, by any person or business entity described in subdivisions (7)(A)-(G) of this section other than an insurance company taxable under § 26-57-601 et seq.; (I) (i) A corporation or other business entity that derives more than fifty percent (50%) of its total gross income for financial accounting purposes from finance leases. (ii) As used in this subdivision (7)(I), "finance lease" means any lease transaction which is the functional equivalent of an extension of credit and that transfers substantially all of the benefits and risks incident to the ownership of property. "Finance lease" includes any "direct financing lease" or "leverage lease" that meets the criteria of Financial Accounting Standards Board Statement No. 13, "Accounting for Leases", as in effect January 1, 1995, or any other lease that is accounted for as a financing by a lessor under generally accepted accounting principles. (iii) For this classification to apply: (a) The average of the gross income in the current tax year and immediately preceding two (2) tax years must satisfy the more-than-fifty-percent requirement; and (b) Gross income from incidental or occasional transactions shall be disregarded; and (J) (i) Any other person or business entity, other than insurance companies, real estate brokers, or securities dealers taxable under § 26-51-205 , which derives more than fifty percent (50%) of its gross income from activities that a person described in subdivisions (7)(B)-(G) and (I) of this section is authorized to transact. (ii) For the purpose of this subdivision (7)(J), the computation of gross income shall not include income from nonrecurring, extraordinary items. (iii) The Secretary of the Department of Finance and Administration is authorized to exclude any person from the application of this subdivision (7)(J) upon such person's proving, by clear and convincing evidence, that the income-producing activity of such person is not in substantial competition with those persons described in subdivisions (7)(B)-(G) and (I) of this section; (8) (A) "Loan" means any extension of credit resulting from direct negotiations between the taxpayer and its customer, and/or the purchase, in whole or in part, of such extension of credit from another. (B) "Loan" includes participations, syndications, and leases treated as loans for federal income tax purposes under the Internal Revenue Code, 26 U.S.C. § 1 et seq., as in effect January 1, 1995. (C) "Loan" does not include: (i) Properties treated as loans under 26 U.S.C. § 595 [repealed], as in effect January 1, 1995; (ii) Futures or forward contracts; (iii) Options; (iv) Notional principal contracts such as swaps; (v) Credit card receivables, including purchased credit card relationships; (vi) Noninterest-bearing balances due from depository institutions; (vii) Cash items in the process of collection; (viii) Federal funds sold; (ix) Securities purchased under agreements to resell; (x) Assets held in a trading account; (xi) Securities; (xii) Interests in a real estate mortgage investment conduit, as defined by the Internal Revenue Code, 26 U.S.C. § 1 et seq., as in effect January 1, 1995, or other mortgage-backed or asset-backed security; and (xiii) Other similar items; (9) "Loan secured by real property" means that fifty percent (50%) or more of the aggregate value of the collateral used to secure a loan or other obligation, when valued at fair market value as of the time the original loan or obligation was incurred, was real property; (10) "Merchant discount" means the fee or negotiated discount charged to a merchant by the taxpayer for the privilege of participating in a program whereby a credit card is accepted in payment for merchandise or services sold to the card holder; (11) "Participation" means an extension of credit in which an undivided ownership interest is held on a pro rata basis in a single loan or pool of loans and related collateral. In a loan participation, the credit originator initially makes the loan and then subsequently resells all or a portion of it to other lenders. The participation may or may not be known to the borrower; (12) "Person" means an individual, estate, trust, partnership, limited liability company, corporation, and any other business entity; (13) (A) "Principal base of operations", with respect to transportation property, means the place of more or less permanent nature from which said property is regularly directed or controlled. (B) "Principal base of operations" means, with respect to an employee, the place of more or less permanent nature from which the employee regularly: (i) Starts his or her work and to which he or she customarily returns in order to receive instructions from his or her employer; (ii) Communicates with his or her customers or other persons; or (iii) Performs any other functions necessary to the exercise of his or her trade or profession at some other point or points; (14) (A) "Real property owned" and "tangible personal property owned" mean real and tangible personal property, respectively: (i) On which the taxpayer may claim depreciation for federal income tax purposes, pursuant to the Internal Revenue Code, 26 U.S.C. § 1 et seq., as in effect January 1, 1995; or (ii) Property to which the taxpayer holds legal title and on which no other person may claim depreciation for federal income tax purposes, pursuant to the Internal Revenue Code, 26 U.S.C. § 1 et seq., as in effect January 1, 1995, or could claim depreciation if subject to federal income tax, pursuant to the Internal Revenue Code, 26 U.S.C. § 1 et seq., as in effect January 1, 1995. (B) "Real property owned" and "tangible personal property owned" do not include coin, currency, or property acquired in lieu of or pursuant to a foreclosure; (15) "Regular place of business" means an office at which the taxpayer carries on its business in a regular and systematic manner and which is continuously maintained, occupied, and used by employees of the taxpayer; (16) "State" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States, or any foreign country; (17) "Syndication" means an extension of credit in which two (2) or more persons fund and each person is at risk only up to a specified percentage of the total extension of credit or up to a specified dollar amount; (18) "Taxable" means either: (A) That a taxpayer is subject in another state to a net income tax, a franchise tax measured by net income, a franchise tax for the privilege of doing business, a corporate stock tax, including a bank shares tax, a single business tax, or an earned surplus tax, or any tax which is imposed upon or measured by net income; or (B) That another state has jurisdiction to subject the taxpayer to any of such taxes regardless of whether, in fact, the state does or does not; and (19) "Transportation property" means vehicles and vessels capable of moving under their own power such as aircraft, trains, water vessels, and motor vehicles, as well as any equipment or containers attached to such property, such as rolling stock, barges, trailers, or the like.