As used in this part:

1. (1) “Capital improvements” means capital improvements for public roads;
2. (2) “Commission” means the Arkansas Economic Development Commission;
3. (3) “Contribution” means a contribution in aid of construction of a public road project made by a taxpayer to the Public Roads Incentive Fund;
4. (4) “Contribution in aid of construction” means a direct contribution of cash made by a taxpayer for public road improvements;
5. (5) “County” means any county in the State of Arkansas;
6. (6) “Director” means the Director of the Arkansas Economic Development Commission;
7. (7) “Fund” means the Public Roads Incentive Fund;

8. (8) “Governing authority” means the:

   1. (A) Quorum court of a county;
   2. (B) Governing body of a municipality; and
   3. (C) State Highway Commission;
9. (9) “Municipality” means any city or incorporated town in the State of Arkansas;

10. (10) “Project” means all, any combination, or any part of the capital improvements for public roads that are:

    1. (A) Authorized by a governing authority; and
    2. (B) Approved by the Director of the Arkansas Economic Development Commission;
11. (11) “Public roads” means roads maintained by a governing authority; and
12. (12) “Taxpayer” includes any individual, fiduciary, or corporation subject to Arkansas state income tax.