As used in this subchapter:
(1) “Arkansas major historic rehabilitation income tax credit” means the income tax credit allowed under this subchapter against the income tax imposed by this chapter and the premium tax levied under §§ 26-57-601 — 26-57-605;
(2) “Certification of completion” means a certificate issued by the Division of Arkansas Heritage certifying that a project is a certified rehabilitation of an eligible property that qualifies for the Arkansas major historic rehabilitation income tax credit;
(3) “Certified rehabilitation” means the total of appropriate and approved rehabilitation work on an eligible property that results in a substantial rehabilitation of an eligible property that has been issued an eligibility certificate;
(4) “Eligible property” means property that is located in the state that:
(A) Qualifies as a certified historic structure under 26 U.S.C. § 47, as it existed on January 1, 2019;
(B) Will qualify as a certified historic structure following certified rehabilitation;
(C) Is listed in the National Register of Historic Places;
(D) Is designated as contributing to a district listed in the National Register of Historic Places; or
(E) Is eligible for designation as contributing to a district listed in the National Register of Historic Places following certified rehabilitation;
(5) “Federal rehabilitation tax credit” means the federal tax credit provided under 26 U.S.C. § 47, as it existed on January 1, 2009;
(6) “Holder” means the holder of a certification of completion that is:
(A) A person, firm, or corporation subject to the income tax imposed by this chapter; or
(B) An insurance company paying the premium tax on its gross premium receipts;
(7) “Owner” means a person or an entity that owns eligible property and is the initial recipient of the certification of completion from the division;
(8) “Premium tax” means a tax levied under §§ 26-57-603 — 26-57-605; and
(9) “Qualified rehabilitation expenses” means costs and expenses incurred to complete a certified rehabilitation that are qualified rehabilitation expenses under the federal rehabilitation tax credit or under the Arkansas major historic rehabilitation income tax credit.