As used in this part 21, unless the context otherwise requires: (1) "Allocation certificate" means a statement issued by the authority certifying that a given development qualifies for the credit and specifying the amount of the credit allowed. (2) "Authority" means the Colorado housing and finance authority created pursuant to section 29-4-704, C.R.S. (3) "Compliance period" means the period of fifteen years beginning with the first taxable year of the credit period. (4) "Credit" means the Colorado affordable housing tax credit allowed pursuant to section 39-22-2102. (5) "Credit period" means the period of six taxable years beginning with the taxable year in which a qualified development is placed in service. If a qualified development is comprised of more than one building, the development shall be deemed to be placed in service in the taxable year during which the last building of the qualified development is placed in service. (6) "Department" means the Colorado department of revenue. (7) "Federal tax credit" means the federal low-income housing tax credit provided by section 42 of the internal revenue code. (8) "Qualified allocation plan" means the qualified allocation plan adopted by the authority pursuant to section 42 (m) of the internal revenue code. (9) "Qualified basis" means the qualified basis of the development as determined pursuant to section 42 of the internal revenue code. (10) "Qualified development" means a "qualified low-income housing project", as that term is defined in section 42 of the internal revenue code, that is located in Colorado and is determined by the authority to be eligible for a federal tax credit whether or not a federal tax credit is allocated with respect to said development. (11) "Qualified taxpayer" means an individual, a person, firm, corporation, or other entity that owns an interest, direct or indirect, in a qualified development and is subject to the taxes imposed by this article.
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