The following definitions apply to this sub-chapter:

(1) "Finished product" means a marketable product that has economic value and is ready to be used by a consumer.

(2) "Machinery or equipment" is property having a depreciable life of more than one year, whose primary purpose is to collect or process reclaimable material or is depreciable property used in the manufacturing of a product from reclaimed material.

(3) "Primarily" means over 50% of time, usage, or other appropriate measure.

(4) "Process or processing" means preparation, treatment, including treatment of hazardous waste as defined in 75-10-403 , MCA, or conversion of a product or material by an action, change, or function or a series of actions, changes, or functions that bring about a desired end result.

(5) "Reclaimed material" is post-consumer material that has been collected and used in a process designed to produce recycled material.

(6) "Recycled material" means a material that can be readily utilized without further processing in place of raw or virgin material in manufacturing a product and consists of materials derived from post-consumer waste, industrial scrap, and material derived from agricultural wastes and other items, all of which can be used in the manufacture of new products.