As used in this subchapter, unless the context clearly requires otherwise:
(1) “Authority” means the Arkansas Development Finance Authority, or its successor agency;
(2) “Eligibility statement” means a statement authorized and issued by the authority certifying that a given project qualifies for the Arkansas low-income housing tax credit. The authority shall promulgate rules establishing criteria upon which the eligibility statements will be issued. The eligibility statement shall specify the amount of the Arkansas low-income housing tax credit allowed;
(3) “Federal low-income housing tax credit” means the federal tax credit as provided in 26 U.S.C. § 42, as amended;
(4) “Qualified project” means a qualified low-income building as that term is defined in 26 U.S.C. § 42, as amended, which is located in Arkansas; and
(5) “Taxpayer” means a person, firm or corporation subject to the state income tax imposed by provisions of §§ 26-51-101 — 26-51-1510, or an insurance company paying an annual tax on its gross premium receipts in this state, or a financial institution paying income taxes to the State of Arkansas.