As used in this part:

1. (1) “Act” means the Philanthropic Investment in Arkansas Kids Program Act codified at Arkansas Code §§ 6-18-2301 – 6-18-2308;
2. (2) “Actually received” means in possession of cash, check, or notified of the initiation of electronic funds transfer;
3. (3) “Application” or “tax credit application” means a request from an SGO to provide a tax credit under the Philanthropic Investment in Arkansas Kids Act, Arkansas Code §§ 6-18-2301 – 6-18-2308, to a donor;
4. (4) “Budget year” means fiscal year of the State of Arkansas;
5. (5) “Certificate” or “certificate of income tax credit” means the formal award of a tax credit under the Philanthropic Investment in Arkansas Kids Program Act by the Tax Credits and Special Refunds Section of the Department of Finance and Administration;
6. (6) “Division” means the Division of Elementary and Secondary Education;
7. (7) “Donor” or “taxpayer” means an individual, corporation, partnership, Subchapter S corporation, or similar pass-through entity, estate, or trust that is required to file a return under the Arkansas Income Tax Act of 1929, Arkansas Code § 26-51-101 et seq.;
8. (8) “Eligible contribution” means a monetary contribution from a taxpayer to a scholarship-granting organization or an amount prorated to be contributed to the scholarship-granting organization under Arkansas Code § 6-18-2308;
9. (9) “Office” means the Tax Credits and Special Refunds Section of the Department of Finance and Administration;
10. (10) “SGO” or “scholarship-granting organization” means an entity that is approved by the Division of Elementary and Secondary Education for participation in the Philanthropic Investment in Arkansas Kids Act, Arkansas Code §§ 6-18-2301 – 6-18-2308; and
11. (11) “Tax credit” means a nonrefundable credit against the taxes levied by the Arkansas Income Tax Act of 1929, Arkansas Code § 26-51-101 et seq.