Ark. Code Ann. § 26-51-2203: Definitions

As used in this subchapter: (1) "Arkansas historic rehabilitation income tax credit" means an income tax credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., and the premium tax levied under §§ 26-57-601 - 26-57-605 that includes: (A) An income tax credit for an income-producing property that qualifies for a federal rehabilitation tax credit; and (B) An income tax credit for a nonincome-producing property; (2) "Certification of completion" means a certificate issued by the Division of Arkansas Heritage certifying that a project is a certified rehabilitation of an eligible property that qualifies for the Arkansas historic rehabilitation income tax credit; (3) "Certified rehabilitation" means the total of appropriate and approved rehabilitation work on an eligible property that results in a substantial rehabilitation of an eligible property that has been issued an eligibility certificate; (4) "Eligible property" means property that is located in the state that is: (A) Income-producing property that: (i) Qualifies as a certified historic structure under 26 U.S.C. § 47 , as it existed on January 1, 2009; or (ii) Will qualify as a certified historic structure following certified rehabilitation; or (B) Nonincome-producing property that is: (i) Listed in the National Register of Historic Places; (ii) Designated as contributing to a district listed in the National Register of Historic Places; or (iii) Eligible for designation as contributing to a district listed in the National Register of Historic Places following certified rehabilitation; (5) "Federal rehabilitation tax credit" means the federal tax credit as provided under 26 U.S.C. § 47 , as it existed on January 1, 2009; (6) "Holder" means the holder of a certification of completion that is: (A) A person, firm, or corporation subject to the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.; or (B) An insurance company paying the premium tax on its gross premium receipts; (7) "Owner" means a person or an entity that owns eligible property and is the initial recipient of the certification of completion from the division; (8) "Premium tax" means a tax levied under §§ 26-57-603 - 26-57-605 ; and (9) "Qualified rehabilitation expenses" means costs and expenses incurred to complete a certified rehabilitation that are qualified rehabilitation expenses under the federal rehabilitation tax credit or under the Arkansas historic rehabilitation income tax credit. Amended by Act 2019, No. 910,§ 5711, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 5710, eff. 7/1/2019. Amended by Act 2015, No. 567,§ 1, eff. 3/20/2015. Acts 2009, No. 498, § 1.

As used in this subchapter:

(1) "Arkansas historic rehabilitation income tax credit" means an income tax credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., and the premium tax levied under §§ 26-57-601 - 26-57-605 that includes: (A) An income tax credit for an income-producing property that qualifies for a federal rehabilitation tax credit; and (B) An income tax credit for a nonincome-producing property;

(A) An income tax credit for an income-producing property that qualifies for a federal rehabilitation tax credit; and

(B) An income tax credit for a nonincome-producing property;

(2) "Certification of completion" means a certificate issued by the Division of Arkansas Heritage certifying that a project is a certified rehabilitation of an eligible property that qualifies for the Arkansas historic rehabilitation income tax credit;

(3) "Certified rehabilitation" means the total of appropriate and approved rehabilitation work on an eligible property that results in a substantial rehabilitation of an eligible property that has been issued an eligibility certificate;

eritage certifying that a project is a certified rehabilitation of an eligible property that qualifies for the Arkansas historic rehabilitation income tax credit;

(3) "Certified rehabilitation" means the total of appropriate and approved rehabilitation work on an eligible property that results in a substantial rehabilitation of an eligible property that has been issued an eligibility certificate;

(4) "Eligible property" means property that is located in the state that is: (A) Income-producing property that: (i) Qualifies as a certified historic structure under 26 U.S.C. § 47 , as it existed on January 1, 2009; or (ii) Will qualify as a certified historic structure following certified rehabilitation; or (B) Nonincome-producing property that is: (i) Listed in the National Register of Historic Places; (ii) Designated as contributing to a district listed in the National Register of Historic Places; or (iii) Eligible for designation as contributing to a district listed in the National Register of Historic Places following certified rehabilitation;

(A) Income-producing property that: (i) Qualifies as a certified historic structure under 26 U.S.C. § 47 , as it existed on January 1, 2009; or (ii) Will qualify as a certified historic structure following certified rehabilitation; or

(i) Qualifies as a certified historic structure under 26 U.S.C. § 47 , as it existed on January 1, 2009; or

(ii) Will qualify as a certified historic structure following certified rehabilitation; or

(B) Nonincome-producing property that is: (i) Listed in the National Register of Historic Places; (ii) Designated as contributing to a district listed in the National Register of Historic Places; or (iii) Eligible for designation as contributing to a district listed in the National Register of Historic Places following certified rehabilitation;

(i) Listed in the National Register of Historic Places;

(ii) Designated as contributing to a district listed in the National Register of Historic Places; or

(iii) Eligible for designation as contributing to a district listed in the National Register of Historic Places following certified rehabilitation;

(5) "Federal rehabilitation tax credit" means the federal tax credit as provided under 26 U.S.C. § 47 , as it existed on January 1, 2009;

(6) "Holder" means the holder of a certification of completion that is: (A) A person, firm, or corporation subject to the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.; or (B) An insurance company paying the premium tax on its gross premium receipts;

(A) A person, firm, or corporation subject to the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.; or

(B) An insurance company paying the premium tax on its gross premium receipts;

(7) "Owner" means a person or an entity that owns eligible property and is the initial recipient of the certification of completion from the division;

(8) "Premium tax" means a tax levied under §§ 26-57-603 - 26-57-605 ; and

(9) "Qualified rehabilitation expenses" means costs and expenses incurred to complete a certified rehabilitation that are qualified rehabilitation expenses under the federal rehabilitation tax credit or under the Arkansas historic rehabilitation income tax credit.