Section 26-51-1503 - DefinitionsAs 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;(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.