For purposes of this chapter the following definitions apply:

(1) "Aggregate" means the total sum of all class eight assets owned by a person or business entity within the state.

(2) "Business entity" means an organization engaged in the production, manufacture, distribution, purchasing, or sale of an article of commerce. Such organizations include but are not limited to:

(a) a sole proprietorship;

(b) a corporation (foreign or domestic);

(c) a not-for-profit corporation;

(d) a profit and not-for-profit unincorporated association;

(e) a business trust;

(f) limited liability company;

(g) limited liability partnership;

(h) a small business corporation; or

(i) a partnership.

(3) "Commercial personal property" means all property, other than real property and real property improvements, which is used for the production of income.

(4) "Dealer purchase incentive rental program" is a program operated by equipment dealerships where the equipment is owned by the dealer and held for sale. The dealer is allowed to rent the equipment to a single user on a short term basis as an incentive for sales of the equipment.

(5) "Dealer lease program" is a program operated by equipment dealerships where the equipment is owned by the dealer and is leased to a consumer.

(6) "Dealer rental program" is a program operated by equipment dealerships where equipment is owned by the dealer, held for rent to consumers and is depreciated as an asset.

(7) "Dealer sales program" is a typical sales program where equipment is owned by the dealer and held for sale.

(8) "Person" means an individual other than a business entity.

(9) "Taxable supplies" include all tangible materials used or consumed in a business except those tangible materials which are held by a taxpayer as his stock-in-trade for sale in the ordinary course of business. Taxable supplies do not include raw materials that are part of the final product. Examples of taxable supplies include, but are not limited to:

(a) fuel used in operations;

(b) parts held for repair of machinery; and

(c) chemicals used in process operations.