As used in this chapter, unless the context otherwise requires:

1. "Director" means the director of the department of commerce division of economic development and finance.

2. "Passthrough entity" has the same meaning as in section 57-38-01.

3. "Primary sector business" has the meaning provided in section 1-01-49 but does not include an agricultural commodity processing facility as defined under section 57-38.6-01.

4. "Qualified business" means a business other than a real estate investment trust which is a primary sector business that: a. Is incorporated or its satellite operation is incorporated as a for-profit corporation, passthrough entity, or joint venture; b. Is in compliance with the requirements for filings with the insurance commissioner under the securities laws of this state; c. Has North Dakota residents as a majority of its employees in the North Dakota principal office or the North Dakota satellite operation; d. Has its principal office in this state and has the majority of its business activity performed in this state, except sales activity, or has a significant operation in North Dakota that has or is projected to have more than ten employees or one hundred fifty thousand dollars of sales annually; and e. Relies on innovation, research, or the development of new products and processes in its plans for growth and profitability.

5. "Taxpayer" means an individual, estate, or trust or a corporation, passthrough entity, or an angel fund. The term does not include a real estate investment trust.