26-51-1003. Definitions.

26-51-1003. Definitions. As used in this subchapter: (1) “Acre-foot” means the volumetric measure equal to forty-three thousand five hundred sixty cubic feet (43,560 cu. ft.) or approximately three hundred twenty-five thousand nine hundred gallons (325,900 gals.); (2) “Application” means a written request for approval of a project for tax credits, describing the project, including a water conservation plan outlining the operation of the project and any additional requirements as the Arkansas Natural Resources Commission may adopt by rule; (3) “Approved applicant” means an individual, fiduciary, partnership, limited liability company, or corporation that submits a written request for approval of a project for tax credits in compliance with this subchapter and receives a certificate of approval for that project; (4) “Commission” means the Arkansas Natural Resources Commission; (5) “Critical groundwater areas” means those areas that are designated by the commission pursuant to the Arkansas Groundwater Protection and Management Act, § 15-22-901 et seq.; (6) “Department” means the Department of Finance and Administration; (7) “Land leveling” means modifying the surface relief of a field to a planned grade to provide a more suitable surface for efficiently applying irrigation water without excessive erosion, loss of water quality, or damage to land by waterlogging; (8) “Project” means: (A) The construction, installation, or restoration of water impoundment or water control structures of twenty (20) acre-feet or more designed for the purpose of storing water to be used for agricultural, commercial, or industrial purposes; (B) The conversion from groundwater to surface water use by agricultural, commercial, industrial, or recreational water users; (C) Agricultural land leveling resulting in water savings due to the more efficient use of irrigation water for which tax credits are claimed; and (D)(i) The purchase and installation of water measuring or metering devices used to determine the quantity of water used. (ii) Installation of such devices shall be considered a conversion from groundwater to surface water for tax credit purposes; and (9) “Project cost” means the actual expenditure for a project, less any reimbursement received by the approved applicant from cost-share programs.