For the purpose of this part, the following definitions shall apply:

1. (1) “Recycling” means the systematic collection, sorting, decontaminating, and returning of waste materials to commerce as commodities for use or exchange;
2. (2) “Taxable year” means the calendar year or the fiscal year, upon the basis of which the net income is computed under the Income Tax Act of 1929, Arkansas Code § 26-51-101 et seq.; and

3. (3)

   1. (A) “Waste reduction, reuse, or recycling equipment” means machinery and equipment located in Arkansas on the last day of the taxable year, designed to separate, process, modify, convert, or treat solid waste so that the resulting product may be used as a raw material or for productive use.
   2. (B) "Waste reduction, reuse, or recycling equipment" does not include motor vehicles, buildings, or real property of any kind.