As used in this chapter, "eligible transmission, distribution, and storage system improvements" means new or replacement electric or gas transmission, distribution, or storage utility projects that:

1. (1) a public utility undertakes for purposes of safety, reliability, system modernization, or economic development, including the extension of gas service to rural areas;
2. (2) were not included in the public utility's rate base in its most recent general rate case; and

3. (3) either were:

   1. (A) designated in the public utility's seven (7) year plan and approved by the commission under section 10 of this chapter as eligible for TDSIC treatment; or
   2. (B) approved as a targeted economic development project under section 11 of this chapter.

As added by P.L.133-2013, SEC.5.