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) "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;
(3) "Certification of completion" means a certificate issued by the Department 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;
(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 department;
(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.
Section: Previous 26-51-2202 26-51-2203 26-51-2204 26-51-2205 26-51-2206 26-51-2207 26-51-2208 NextLast modified: November 15, 2016