Arkansas Code Title 26. Taxation § 26-51-2203. Definitions

(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:

(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:

(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:

(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.