Arkansas Code Title 26. Taxation § 26-51-2002. Definitions

(1) “Director” means the Director of the Arkansas Economic Development Commission;

(2) “Eligible business” means any person engaged in a business classified as manufacturing of paper and allied products in Standard Industrial Classification Code 2600 that has been in continuous operation in Arkansas for at least two (2) years prior to the initial application to the director for income tax credits under the provision of this subchapter;

(3) “Modernization” means to increase efficiency or to increase productivity of the business through investment in machinery or equipment, or both, and shall not include costs for routine maintenance;

(4) “Person” means a person as defined by § 26-18-104;

(5) “Project” means any construction, expansion, or modernization in Arkansas by an eligible business whose investment shall exceed one hundred million dollars ($100,000,000) between August 13, 2001, and December 31, 2004, for projects involving either single or multiple locations within the State of Arkansas, including the cost of the land, buildings, and equipment used in the construction, expansion, or modernization and which construction, expansion, or modernization has been approved by the Arkansas Economic Development Commission as a construction, expansion, or modernization project that qualifies for the credit under the provisions of this subchapter; and

(6) “Routine maintenance” means the replacement of existing machinery parts with like parts.