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26-51-2403. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-2403. Definitions.
As used in this subchapter:
(1) “Central business improvement district” means the central business district of any municipality of the first class or municipality of the second class of the state that has been designated as a central business improvement district under the Central Business Improvement District Act, § 14-184-101 et seq.;
(2) “Development” means the new construction of a structure or the expansion or rehabilitation of an existing structure;
(3) “Eligibility certificate” means a certificate:
(A) Authorized and issued by the governing body of the central business improvement district certifying that a project is a qualified project, has met the requirements of this subchapter, and is an eligible central business improvement district property; and
(B) That specifies the total amount of qualified rehabilitation or development expenditures allowed;
(4) “Eligible central business improvement district property” means property that is located within the physical boundaries of a central business improvement district and is a qualified project;
(5) “Governing body of the central business improvement district” means the board of commissioners of the central business improvement district;
(6) “Governing body of the municipality” means the city council, board of directors, commission, or other municipal body exercising general legislative power in the municipality;
(7) “Investment tax credit” means the Arkansas Central Business Improvement District Rehabilitation and Development investment tax credit under this subchapter;
(8) “Qualified project” means eligible central business improvement district property that has met the requirements of § 26-51-2404(b) and has been approved for rehabilitation or development by the gover
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-2403
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:26-51-2403
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7e59d8627015717dc5fa8630a72d02c084a62c523d6b2fda442e261db5a7ac70
Source location: content.xml paragraph 16944
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26-51-2403. Definitions.
As used in this subchapter:
(1) “Central business improvement district” means the central business district of any municipality of the first class or municipality of the second class of the state that has been designated as a central business improvement district under the Central Business Improvement District Act, § 14-184-101 et seq.;
(2) “Development” means the new construction of a structure or the expansion or rehabilitation of an existing structure;
(3) “Eligibility certificate” means a certificate:
(A) Authorized and issued by the governing body of the central business improvement district certifying that a project is a qualified project, has met the requirements of this subchapter, and is an eligible central business improvement district property; and
(B) That specifies the total amount of qualified rehabilitation or development expenditures allowed;
(4) “Eligible central business improvement district property” means property that is located within the physical boundaries of a central business improvement district and is a qualified project;
(5) “Governing body of the central business improvement district” means the board of commissioners of the central business improvement district;
(6) “Governing body of the municipality” means the city council, board of directors, commission, or other municipal body exercising general legislative power in the municipality;
(7) “Investment tax credit” means the Arkansas Central Business Improvement District Rehabilitation and Development investment tax credit under this subchapter;
(8) “Qualified project” means eligible central business improvement district property that has met the requirements of § 26-51-2404(b) and has been approved for rehabilitation or development by the governing body of the central business improvement district where the eligible central business improvement district property is located;
(9)(A) “Qualified rehabilitation or development expenditures” means expenditures approved by the governing body of the central business improvement district where the eligible central business improvement district property is located that meet the requirements of this subchapter.
(B) “Qualified rehabilitation or development expenditures” does not include:
(i) The cost of acquiring the eligible central business improvement district property or real estate licensee's fees associated with the eligible central business improvement district property;
(ii) Taxes due on the eligible central business improvement district property;
(iii) Insurance costs;
(iv) Costs of landscaping; or
(v) Sales and marketing costs; and
(10) “Taxpayer” means an individual, a partnership, limited liability company, or corporation subject to the state income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-184-101. Title.
This subchapter may be referred to and cited as the “Central Business Improvement District Act.”
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-184-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-184-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-101. Title.
This act shall be known and may be cited as the “Income Tax Act of 1929”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-51-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-51-2404. Qualified project.
(a) To apply for a designation as a qualified project, a taxpayer shall submit to the governing body of the central business improvement district where the property to be rehabilitated or developed is located all forms and fees required by the governing body of the central business improvement district.
(b) To qualify as eligible central business improvement district property, the taxpayer shall demonstrate that the property to be rehabilitated or developed meets the following requirements:
(1) The project must be planned within the physical boundaries of the central business improvement district;
(2) A full set of plans by a licensed architect must be submitted to the governing body of the central business improvement district where the property to be rehabilitated or developed is located;
(3) The project must meet all zoning and building codes of the municipality in which the property to be rehabilitated or developed is located;
(4) The project must meet the design guidelines, be compatible with the overall plan for the central business improvement district, and have a use that the governing body of the central business improvement district determines as maintaining the overall integrity of the central business improvement district;
(5) The qualified rehabilitation or development expenditures for the project must have occurred on or after the effective date of this subchapter; and
(6) The qualified rehabilitation or development expenditures for the project must be greater than thirty thousand dollars ($30,000).
(c) After evaluating the information provided by the taxpayer, the governing body of the central business improvement district shall issue a determination about whether the property to be rehabilitated or develop
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-2404
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-51-2404. This identifies an authority to review, not proof of applicability.