Arkansas Code Title 26. Taxation § 26-51-2403. Definitions

(1) “Central business improvement district” means the central business district of any municipality of the first class or municipality of the second class of the state that has been designated as a central business improvement district under the Central Business Improvement District Act, § 14-184-101 et seq.;

(2) “Development” means the new construction of a structure or the expansion or rehabilitation of an existing structure;

(3) “Eligibility certificate” means a certificate:

(4) “Eligible central business improvement district property” means property that is located within the physical boundaries of a central business improvement district and is a qualified project;

(5) “Governing body of the central business improvement district” means the board of commissioners of the central business improvement district;

(6) “Governing body of the municipality” means the city council, board of directors, commission, or other municipal body exercising general legislative power in the municipality;

(7) “Investment tax credit” means the Arkansas Central Business Improvement District Rehabilitation and Development investment tax credit under this subchapter;

(8) “Qualified project” means eligible central business improvement district property that has met the requirements of § 26-51-2404(b) and has been approved for rehabilitation or development by the governing body of the central business improvement district where the eligible central business improvement district property is located;

(10) “Taxpayer” means an individual, a partnership, limited liability company, or corporation subject to the state income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.