(1) 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Natural Resources Commission may adopt by rule;(2) “Commission” means the Arkansas Natural Resources Commission;(3) [Repealed.](4) “Division” means the Revenue Division of the Department of Finance and Administration;(5) (A) “Eligible donee” means a qualified organization under 26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.
(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”;
(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
(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.
(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
(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.