§ 34:1B-166 — Definitions relative to local-State business incentive promotion.

2. As used in this act: "Act" means the "Local-State Business Incentive Promotion Act." "Applicant" means any business within a county or municipality applying for a loan pursuant to this act. "Authority" means the New Jersey Economic Development Authority established pursuant to section 4 of P.L.1974, c.80 (C.34:1B-4). "Business" means a corporation; sole proprietorship; partnership; corporation that has made an election under Subchapter S of Chapter One of Subtitle A of the Internal Revenue Code of 1986, or any other business entity through which income flows as a distributive share to its owners; limited liability company; nonprofit corporation; or any other form of business organization located either within or outside this State. "Loan" means money loaned to a business by the authority for the purpose of retaining existing business or attracting new business to a county or municipality pursuant to this act. "Program" means the Local-State Business Incentive Promotion Program established pursuant to section 3 of this act. L.1998,c.94,s.2.