§ 26-51-1701 - Definitions. - Arkansas Statutes

26-51-1701. Definitions.

As used in this subchapter, unless the context clearly requires otherwise, the following words and phases shall mean:

(1) "Authority" shall mean the Arkansas Development Finance Authority, or its successor agency;

(2) "Director" shall mean the Director of the Arkansas Department of Finance and Administration;

(3) "Eligibility statement" shall mean 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;

(4) "Federal low income housing tax credit" shall mean the federal tax credit as provided in Section 42 of the Internal Revenue Code of 1986, as amended;

(5) "Qualified project" shall mean a qualified low income building as that term is defined in Section 42 of the Internal Revenue Code of 1986, as amended, which is located in Arkansas;

(6) "Taxpayer" shall mean 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.