1-16G-73. Definitions relating to new frontiers program. Terms used in §§ 1-16G-73 to 1-16G-84, inclusive, mean:

(1) "Board," the Board of Economic Development;

(2) "Commissioner," the commissioner of the Governor's Office of Economic Development;

(3) "Completed the program" or "completion of the program," the first date when the program's schedule of work as outlined in the application required under § 1-16G-75 is finished. In the specific case of a clinical trial for a new pharmaceutical product or medical device, this term means the end date of the clinical trial phase undertaken pursuant to approval by a federal authority;

(4) "Commencement date," the first date preclinical research or clinical trial activities begin pursuant to a program's schedule of work or the terms of an approval by a federal authority. For a person already engaged in a program and relocating to South Dakota from a foreign jurisdiction, commencement date means the date of first full-time occupancy of an office or other facility located in this state;

(5) "Department," the Department of Revenue;

(6) "Federal authority," an agency or instrumentality of the United States government authorized under law to regulate the activities of the program, including the U.S. Food and Drug Administration and the National Institutes of Health;

(7) "GOED," the Governor's Office of Economic Development;

(8) "Person," any individual, firm, copartnership, joint venture, association, cooperative, nonprofit development corporation, limited liability company, limited liability partnership, corporation, estate, trust, business trust, receiver, or any group or combination acting as a unit. The term also includes any heirs, assigns, or successors in interest thereto;

(9) "Program," a planned, sustained original research engagement into a new or adapted method, process, product, or technology, or the testing of a new method, process, product, or technology under approval by a federal authority, including a clinical trial for a new pharmaceutical product or medical device;

(10) "Program cost," the amount paid by the program owner in money, credits, property, or other consideration associated with a program including contract labor, materials, equipment, supplies, or fees.Source: SL 2016, ch 5, § 1.