As used herein, unless the context otherwise requires:

1. (1) "Act" means the Arkansas Private Wetland and Riparian Zone Creation, Restoration, and Conservation Tax Credits Act, Arkansas Code § 26-51-1501 et seq.;
2. (2) "Commission" means the Arkansas Natural Resources Commission;
3. (3) "Committee" means the Private Wetland and Riparian Zone Creation, Restoration, and Conservation Committee;
4. (4) "Conservation application" means an application submitted by a taxpayer seeking tax credit for donation of a qualified real property interest;
5. (5) "Developing wetlands" means to establish a wetland or other aquatic resource;
6. (6) "Director" means the Director of the Natural Resources Division of the Department of Agriculture;

7. (7)

   1. (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.
   2. (B) A nongovernmental qualified organization must have adopted the Land Trust Alliance’s Land Trust Standards and Practices, as in effect on January 1, 2009, in order to qualify as an eligible donee;
8. (8) “Eligible donor" means any person or entity, including without limitation an individual, corporation, trust, estate, and partnership or other pass-through legal entity, that owns a qualified real property interest;
9. (9) "Project" means wetlands or riparian zones created or restored by activities for which tax credits are claimed;
10. (10) "Project application" means a written plan for development and operation of the project, including all requirements as the commission may adopt by rule;
11. (11) "Project cost" means the actual expenditure for a project less any reimbursement received by the taxpayer from cost-share programs or any other funding;

12. (12) “Qualified appraisal” means an appraisal in accordance with:

    1. (A) 26 C.F.R. § 1.170A-13(c)(3), as in effect on January 1, 2009; and
    2. (B) The Uniform Standards of Professional Appraisal Practice, as in effect on January 1, 2009;

13. (13) "Qualified conservation purpose" means a conservation purpose as defined by:

    1. (A) 26 U.S.C. § 170(h)(4), as in effect on January 1, 2009; and
    2. (B) Corresponding regulations in 26 C.F.R. § 1.170A-14(d), as in effect on January 1, 2009;

14. (14) "Qualified real property interest" means an interest in real property located completely in this state and containing wetlands or riparian zones that also meets the definition of a qualified real property interest under:

    1. (A) 26 U.S.C. § 170(h)(2), as in effect on January 1, 2009; and
    2. (B) The corresponding regulations in 26 C.F.R. § 1.170A-14(b), as in effect on January 1, 2009;
15. (15) "Restoring wetlands" means to return wetland values and functions to a former wetland or degraded wetland where human or natural activities have diminished or destroyed such values and functions, thereby returning the land to wetland status;

16. (16) "Riparian zone" means:

    1. (A) An area of land along the bank of a natural water course 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
    2. (B) Any other definition promulgated by the Arkansas Natural Resources Commission;

17. (17) "Tax credits" means the authorized amount that may be applied against Arkansas corporate income tax or Arkansas individual income tax, whether earned by:

    1. (A) An individual;
    2. (B) A partnership;
    3. (C) A limited liability company;
    4. (D) A Subchapter S corporation; or
    5. (E) A corporation;

18. (18) "Taxpayer" means the entity that is certified to earn tax credits for an approved project, whether:

    1. (A) An individual;
    2. (B) A partnership;
    3. (C) A limited liability company;
    4. (D) A Subchapter S corporation; or
    5. (E) A corporation; and

19. (19) "Wetlands" means:

    1. (A)

       1. (i) An area that has water at or near the surface of the ground at some time during the growing season (wetland hydrology).
       2. (ii) It contains plants that are adapted to wet habitats (hydrophytic vegetation) and is made up of soil that has developed under wet conditions (hydric soils); or
    2. (B) Any other definition promulgated by the Arkansas Natural Resources Commission.