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) '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) '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) '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. eligibility certificate;(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 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 division;(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.Amended by Act 2019, No. 910,§ 5711, eff. 7/1/2019.Amended by Act 2019, No. 910,§ 5710, eff. 7/1/2019.Amended by Act 2015, No. 567,§ 1, eff. 3/20/2015.Acts 2009, No. 498, § 1. 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) '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) '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) '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. eligibility certificate;(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 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 division;(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.Amended by Act 2019, No. 910,§ 5711, eff. 7/1/2019.Amended by Act 2019, No. 910,§ 5710, eff. 7/1/2019.Amended by Act 2015, No. 567,§ 1, eff. 3/20/2015.Acts 2009, No. 498, § 1.
Arkansas Legal Code