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.Amended by Act 2019, No. 910,§ 3790, eff. 7/1/2019.Acts 1997, No. 1332, § 1.
Arkansas Legal Code