58-210.02.

Economic-impact project, defined.

(1) Economic-impact project means:

(a) Any of the following, whether or not in existence, financed in whole or in part through the use of the federal new markets tax credit described in section 45D of the Internal Revenue Code, and located in a low-income community designated pursuant to section 45D of the Internal Revenue Code or designated by the Department of Economic Development:

(i) Any land, building, or other improvement, including, but not limited to, infrastructure;

(ii) Any real or personal property;

(iii) Any equipment; or

(iv) Any undivided or other interest in any property described in subdivision (1)(a)(i), (1)(a)(ii), or (1)(a)(iii) of this section; or

(b) Any of the following, whether or not in existence, which constitutes a qualified opportunity zone business located in one or more certified qualified opportunity zones which is financed in whole or in part through one or more investments acquired by one or more qualified opportunity funds as authorized pursuant to the federal Tax Cuts and Jobs Act, Public Law 115-97:

(i) Any land, building, or other improvement, including, but not limited to, infrastructure;

(ii) Any real or personal property;

(iii) Any equipment; or

(iv) Any undivided or other interest in any property described in subdivision (1)(b)(i), (1)(b)(ii), or (1)(b)(iii) of this section.

(2) Economic-impact project does not include any operating capital.