{"data":{"id":"us-ar/ark.-code-ann.-26-51-2203","jurisdiction":"us-ar","citation":"Ark. Code Ann. § 26-51-2203","heading":"Definitions","body":"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.\n\nAs used in this subchapter:\n\n(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;\n\n(A) An income tax credit for an income-producing property that qualifies for a federal rehabilitation tax credit; and\n\n(B) An income tax credit for a nonincome-producing property;\n\n(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;\n\n(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;\neritage certifying that a project is a certified rehabilitation of an eligible property that qualifies for the Arkansas historic rehabilitation income tax credit;\n\n(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;\n\n(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;\n\n(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\n\n(i) Qualifies as a certified historic structure under 26 U.S.C. § 47 , as it existed on January 1, 2009; or\n\n(ii) Will qualify as a certified historic structure following certified rehabilitation; or\n\n(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;\n\n(i) Listed in the National Register of Historic Places;\n\n(ii) Designated as contributing to a district listed in the National Register of Historic Places; or\n\n(iii) Eligible for designation as contributing to a district listed in the National Register of Historic Places following certified rehabilitation;\n\n(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;\n\n(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;\n\n(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\n\n(B) An insurance company paying the premium tax on its gross premium receipts;\n\n(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;\n\n(8) \"Premium tax\" means a tax levied under §§ 26-57-603 - 26-57-605 ; and\n\n(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.","path":["AR Code","Title 26","Chapter 51","Subchapter 22"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_ar_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:41Z","sha256":"245675e0d8515ee82ff38be0649fd722d36a5f5c70f7d5b6a8700f2f85c9d79e","source_id":"us-ar","stale":false,"prev":"us-ar/ark.-code-ann.-26-51-2202","next":"us-ar/ark.-code-ann.-26-51-2204"},"notice":"GroundRules: Original legal text. Not legal advice."}