Arkansas Code of 1987 (2023) › Title 26 - TAXATION (§§ 26-1-101 — 26-82-119) › Subtitle 5 - STATE TAXES (§§ 26-50-101 — 26-65-108) › Chapter 51 - INCOME TAXES (§§ 26-51-101 — 26-51-2804) › Subchapter 15 - ARKANSAS PRIVATE WETLAND AND RIPARIAN ZONE CREATION, RESTORATION, AND CONSERVATION TAX CREDITS ACT (§§ 26-51-1501 — 26-51-1510) › Section 26-51-1503 - Definitions

As used in this subchapter:
(1)
"Application" means a written plan for development and operation of the project, including all requirements the Arkansas Natural Resources Commission may adopt by rule;
(2)
"Commission" means the Arkansas Natural Resources Commission;
(3)
[Repealed.]
(4)
"Division" means the Revenue Division of the Department of Finance and Administration;
(5)
(A)
"Eligible donee" means a qualified organization under
26 U.S.C. § 170(h)(3)
, as in effect on January 1, 2009, and corresponding regulations in
26 C.F.R. § 1.170A-14(c)
, as in effect on January 1, 2009.
(B)
A nongovernmental qualified organization must have adopted the Land Trust Alliance Land Trust Standards and Practices, as in effect on January 1, 2009, in order to qualify as an "eligible donee";
(6)
"Eligible donor" means any person or entity that owns a qualified real property interest, including without limitation an individual, corporation, trust, estate, and partnership or other pass-through legal entity;
(7)
"Project" means wetlands or riparian zones created or restored by activities for which tax credits are claimed;
(8)
"Project cost" means the actual expenditure for a project, less any reimbursement received by the taxpayer from cost-share programs;
(9)
"Qualified appraisal" means an appraisal in accordance with
26 C.F.R. § 1.170A-13(c)(3)
, as in effect on January 1, 2009, and the Uniform Standards of Professional Appraisal Practice, as in effect on January 1, 2009;
(10)
"Qualified conservation purpose" means a conservation purpose as defined by
26 U.S.C. § 170(h)(4)
, as in effect on January 1, 2009, and corresponding regulations in
26 C.F.R. § 1.170A-14(d)
, as in effect on January 1, 2009;
(11)
"Qualified real property interest" means an interest in real property located completely in this state and containing wetlands or riparian zones, which also meets the definition of a qualified real property interest under
26 U.S.C. § 170(h)(2)
, as in effect on January 1, 2009, and the corresponding regulations in
26 C.F.R. § 1.170A-14(b)
, as in effect on January 1, 2009;
(12)
"Riparian zone" means:
(A)
An area of land along the bank of a natural watercourse or contiguous to a body of water that is set aside to reduce impacts of adjoining land use on the stream or water body; or
(B)
Any other definition promulgated by the Arkansas Natural Resources Commission; and
(13)
"Wetlands" means:
(A)
An area that:
(i)
Has water at or near the surface of the ground at some time during the growing season, wetland hydrology;
(ii)
Contains plants that are adapted to wet habitats, hydrophytic vegetation; and
(iii)
Is made up of soils that have developed under wet conditions, hydric soils; or
(B)
Any other definition promulgated by the Arkansas Natural Resources Commission.
Amended by Act 2023, No. 691,§ 210, eff. 7/1/2023.
Amended by Act 2021, No. 483,§ 12, eff. 7/28/2021.
Amended by Act 2019, No. 910,§ 3261, eff. 7/1/2019.
Acts 1995, No. 561, § 3; 1999, No. 1164, § 189; 2009, No. 351, §§ 3, 4.