(1) As used in this sub-chapter and unless the context clearly requires another meaning:

(a) The "act" means the Montana capital companies act, Title 90, chapter 8, MCA.

(b) "administrator" means the administrative officer of the office of development finance of the board of investments;

(c) "affiliate" or "affiliated group" means:

(i) any corporation that directly or indirectly owns, controls, or holds the power to vote, any stock of any other specified corporation, as defined in section 1563 of the Internal Revenue Service Code and the related regulations thereon;

(ii) any corporation who is directly or indirectly owned, controlled, or held with the power to vote by any other specified corporation as defined by section 1563 of the Internal Revenue Service Code and the related regulations thereon; and

(iii) any corporation that is directly or indirectly under common control with such specified corporation, through ownership, control, or holding the power to vote as defined in section 1563 of the Internal Revenue Service Code and the related regulations thereon.

(d) "board" means the Montana board of investments;

(e) "company" means a profit or nonprofit entity organized and existing under the laws of Montana, created for the purpose of making venture or risk capital available for qualified investments. Companies include, but are not limited to a profit or nonprofit corporation, partnership, association, trust, United States small business administration 504 corporation, or United States small business administration small business investment company.

(f) "completed application" means an application that meets the requirements of these rules and has been designated as complete by the administrator.

(g) "corporate taxpayer" means a corporation other than a small business corporation;

(h) "small business" means a business that has a net worth less than $6 million; has an average net income, after federal income taxes, for the preceding two years of less than $2 million (average net income to be computed without benefit of any carryover loss) ; and has less than 200 employees working in Montana;

(i) "small business corporation" means a "small business corporation" or an "electing small business corporation" as those terms are defined in 15-31-201(1) and (2) , respectively;

(j) "wholly owned subsidiary" of another corporation means a subsidiary, 100 percent of whose outstanding voting securities are owned, controlled or held with power to vote, directly or indirectly, by such other corporation.

(2) All definitions established in section 90-8-104, MCA, apply to this sub-chapter.