Definitions

Checkout our iOS App for a better way to browser and research.

As used in this subchapter:

  1. (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:

    1. (A) An income tax credit for an income-producing property that qualifies for a federal rehabilitation tax credit; and

    2. (B) An income tax credit for a nonincome-producing property;

  2. (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. (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. (4) “Eligible property” means property that is located in the state that is:

    1. (A) Income-producing property that:

      1. (i) Qualifies as a certified historic structure under 26 U.S.C. § 47, as it existed on January 1, 2009; or

      2. (ii) Will qualify as a certified historic structure following certified rehabilitation; or

    2. (B) Nonincome-producing property that is:

      1. (i) Listed in the National Register of Historic Places;

      2. (ii) Designated as contributing to a district listed in the National Register of Historic Places; or

      3. (iii) Eligible for designation as contributing to a district listed in the National Register of Historic Places following certified rehabilitation;

  5. (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. (6) “Holder” means the holder of a certification of completion that is:

    1. (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

    2. (B) An insurance company paying the premium tax on its gross premium receipts;

  7. (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. (8) “Premium tax” means a tax levied under §§ 26-57-603 — 26-57-605; and

  9. (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.


Download our app to see the most-to-date content.