(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.