As used in this subchapter:
(1) “Capital improvements” means capital improvements for public roads;
(2) “Commission” means the Arkansas Economic Development Commission;
(3) “Contribution” means a contribution in aid of construction of a public roads project made by a taxpayer to the Public Roads Incentive Fund;
(4) “Council” means the Arkansas Economic Development Council;
(5) “County” means any county in the State of Arkansas;
(6) [Repealed.]
(7) “Fund” means the Public Roads Incentive Fund;
(8) “Governing authority” means the quorum court of a county, the governing body of a municipality, and the State Highway Commission;
(9) “Municipality” means any city or incorporated town in the State of Arkansas;
(10) “Project” means all, any combination, or any part of the capital improvements for public roads which are authorized by a governing authority and approved by the Director of the Arkansas Economic Development Commission;
(11) “Public roads” means roads maintained by a governing authority; and
(12) “Taxpayer” includes any individual, fiduciary, or corporation subject to Arkansas state income tax.