Definitions

For purposes of this part, unless otherwise required by its context, the following definitions apply:

(1) "Department" shall mean the Department of Finance and Administration;

(2) "Insolvency" shall mean:

(A) The inability to pay debts as they fall due in the usual course of business; or

(B) Having liabilities in excess of the reasonable market value of assets held;

(3) "Offer in compromise" shall mean a proposal by a taxpayer to settle a specific state tax liability for less than the total amount of tax, penalty, or interest due for a specific period of time;

(4) "Person" shall mean any individual, partnership, corporation, limited liability company, association, or public or private organization of any character;

(5) "Secretary" shall mean the Secretary of the Department of Finance and Administration, or any of his or her duly authorized agents; and

(6) "Taxpayer" shall mean any person:

(A) Subject to or liable for any state tax; or

(B) Required to file a return, or to pay or withhold and remit any tax required by the provisions of any state tax law.