Arkansas Code Title 26. Taxation § 26-51-1503. Definitions

(1) “Application” means a written plan for development and operation of the project, including all requirements the Arkansas Natural Resources Commission may adopt by rule;

(2) “Commission” means the Arkansas Natural Resources Commission;

(3) [Repealed by Acts of 2023, Act 691, § 210, eff. July 1, 2023.]

(4) “Division” means the Revenue Division of the Department of Finance and Administration;

(6) “Eligible donor” means any person or entity that owns a qualified real property interest, including without limitation an individual, corporation, trust, estate, and partnership or other pass-through legal entity;

(7) “Project” means wetlands or riparian zones created or restored by activities for which tax credits are claimed;

(8) “Project cost” means the actual expenditure for a project, less any reimbursement received by the taxpayer from cost-share programs;

(9) “Qualified appraisal” means an appraisal in accordance with 26 C.F.R. § 1.170A-13(c)(3), as in effect on January 1, 2009, and the Uniform Standards of Professional Appraisal Practice, as in effect on January 1, 2009;

(10) “Qualified conservation purpose” means a conservation purpose as defined by 26 U.S.C. § 170(h)(4), as in effect on January 1, 2009, and corresponding regulations in 26 C.F.R. § 1.170A-14(d), as in effect on January 1, 2009;

(11) “Qualified real property interest” means an interest in real property located completely in this state and containing wetlands or riparian zones, which also meets the definition of a qualified real property interest under 26 U.S.C. § 170(h)(2), as in effect on January 1, 2009, and the corresponding regulations in 26 C.F.R. § 1.170A-14(b), as in effect on January 1, 2009;

(12) “Riparian zone” means:

(13) “Wetlands” means: