For purposes of this article, the following terms have the following meanings:

1. (1) ACCELERATOR. A company that, for a fixed term, educates and mentors early-stage technology companies recruited to a location in Alabama with the goal of accelerating the company’s development and growth.
2. (2) ECONOMIC DEVELOPMENT ORGANIZATION. A local economic development organization or a state economic development organization.
3. (3) INNOVATE ALABAMA. The Alabama Innovation Corporation created by Section 41-10-802.
4. (4) INNOVATING ALABAMA TAX CREDIT. The tax credit provided for in subsection (a) of Section 41-10-844.

5. (5) LOCAL ECONOMIC DEVELOPMENT ORGANIZATION. An organization that is determined by Innovate Alabama to meet both of the following criteria:

   1. a. Is an Alabama entity not operating for profit, including, but not limited to, a municipality or county, an industrial board or authority, a chamber of commerce, or some other foundation or Alabama nonprofit corporation charged with improving a community or region of the state.
   2. b. Has a record of supporting or otherwise participating in economic development in some part of the state.
6. (6) STATE ECONOMIC DEVELOPMENT ORGANIZATION. An organization that is determined by Innovate Alabama to be an Alabama entity not operating for profit which is charged with improving the state or a region of the state and has a record of supporting or otherwise participating in economic development in the state.

(Act 2023-33, §2.)