Title 15, Natural Resources and Economic Development

(1) As used in this subchapter:(1) “Invested” includes, but is not limited to, expenditures made from the proceeds of bonds, including interim notes or other evidence of indebtedness, issued by a municipality, county, or an agency or instrumentality of a municipality, county, or …

(1) To claim the benefits of this subchapter, a taxpayer must obtain a certification prior to December 31, 2006, from the Director of the Arkansas Economic Development Commission certifying to the Revenue Division of the Department of Finance and Administration that the taxpayer:…

Sales of natural gas and electricity to taxpayers qualified to receive the benefits of this subchapter for use in connection with the steel mill shall be exempt from the gross receipts tax levied by the Arkansas Gross Receipts Act of 1941, § 26-52-101 et seq., the Arkansas Compen…

(a) Taxpayers qualified for the benefits of this subchapter and entitled to a net operating loss deduction as provided in § 26-51-427 may carry forward that deduction to the next-succeeding taxable year following the year of the net operating loss and annually thereafter for a to…

(a) (1) A qualified manufacturer of steel which has been certified by the Director of the Arkansas Economic Development Commission after January 1, 2001, and prior to December 31, 2006, as qualifying for the benefits of this subchapter and has qualified for the income tax credit …

(a) (1) In the case of a qualified manufacturer of steel as described in § 15-4-2405(a), the provisions of § 26-51-506(f) shall not apply.(2) However, the qualified manufacturer of steel shall refund the amount of the tax credit provided by subsection (b) of this section if withi…

(1) In the case of a qualified manufacturer of steel as described in § 15-4-2405(a) which is:(1) A proprietorship, partnership, or other business organization treated as a proprietorship or partnership for tax purposes, the amount of the credit determined under this subchapter fo…

(1) As used in this subchapter:(1) “Commission” means the Arkansas Economic Development Commission;(2) “Community lender” means any organization that is involved in making loans to small businesses within this state;(3) “Council” means the Arkansas Economic Development Council;(4…

(a) The Arkansas Economic Development Commission shall institute a program to make participation loans that are originated by approved community lenders for small businesses in this state. (b) The commission's participating share of any qualified loan shall not exceed fifty perce…

(a) Any community lender that desires to seek participating loans from the Arkansas Economic Development Commission pursuant to the program authorized by this subchapter shall make application to the commission. (b) Approval of any participating community lender shall be done by …

Each community lender requesting a participating loan shall submit to the Arkansas Economic Development Commission an application, supporting documents, and instruments as may be required by the rules promulgated by the commission.

(1) The Arkansas Economic Development Commission shall:(1) Actively seek support from and collaboration with statewide financial institutions, the Arkansas Credit Union League, United States Small Business Administration, Arkansas Bankers Association, Arkansas Development Finance…

The Arkansas Economic Development Commission shall promulgate rules to implement this subchapter.

(a) The General Assembly recognizes that job creation and capital investment in Arkansas are dependent upon being competitive with other states for business locations and expansions. (b) Acts 2001, No. 757, authorized the Bureau of Legislative Research to conduct a study of busin…

This subchapter shall be known and may be cited as the “Consolidated Incentive Act of 2003”.

(1) As used in this subchapter:(1) “Applied research” means any activity that applies the findings of basic research or other existing knowledge toward discovering new scientific knowledge that has specific commercial objectives with respect to new products, services, processes, …

(a) The Arkansas Economic Development Commission shall establish a tier system that shall rank all seventy-five (75) counties of this state into four (4) divisions on the basis of economic prosperity. (b) Tier 4 shall be the least prosperous division and tier 1 shall be the most …

(a) There is established a job-creation tax credit to encourage:(1) The creation of new jobs; and(2) Business growth and expansion. (1) The creation of new jobs; and (2) Business growth and expansion. (b) An application for the income tax credit under this section shall be submit…

(a) There are established investment tax incentives to:(1) Encourage capital investment for the long-term viability of businesses in the state; and(2) Create new jobs. (1) Encourage capital investment for the long-term viability of businesses in the state; and (2) Create new jobs…

(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Economic Development Incentive Fund” of the Arkansas Economic Development Commission. (b) The fund shall consist of revenues…

(a) (1) (A) Eligible businesses that have not previously been approved for incentives under this subsection and that conduct in-house research that has been approved for federal research and development tax credits may qualify, at the discretion of the Director of the Arkansas Ec…

(a) A special incentive based on the payroll of targeted businesses in the state may be offered, at the discretion of the Director of the Arkansas Economic Development Commission, to:(1) Encourage the development of jobs that pay significantly more than the average hourly wage in…

(1) The Arkansas Economic Development Commission shall administer this subchapter and in addition to powers and duties mentioned in other laws may:(1) Promulgate rules in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., necessary to carry out the pr…

(a) A person claiming an incentive under this subchapter is a “taxpayer” within the meaning of § 26-18-104 and is subject to all applicable provisions of § 26-18-104. (b) Administration of § 15-4-2706(c) shall be under the Arkansas Tax Procedure Act, § 26-18-101 et seq., and the …

(a) Except as provided in subsection (b) of this section, the incentives established by this subchapter may be combined. (b) (1) The investment tax credit authorized in § 15-4-2706(c) shall not be combined with the sales and use tax refund authorized in § 15-4-2706(d) for the sam…

This subchapter shall be known and may be cited as the “Biodiesel Incentive Act”.

(1) As used in this subchapter:(1) “Biodiesel fuel” means a diesel fuel substitute produced from nonpetroleum renewable resources that meets the registration requirements for fuels and fuel additives established under the Energy Policy Act of 1992, 42 U.S.C. §§ 13211—13219, as in…

(a) There shall be allowed a credit against the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., in an amount as determined in subsection (b) of this section to a biodiesel supplier for the cost of the facilities and equipment used directly in the wholesale …

This subchapter may be referred to and cited as the “Arkansas General Obligation Economic Development Superprojects Bond and Project Funding Act”.

(1) The General Assembly finds that:(1) Independent studies have confirmed that the State of Arkansas and its people have not been able to participate in and enjoy the economic development benefits to be gained from the location in Arkansas of a superproject, as have many other s…

(1) As used in this subchapter:(1) “Authority” means the Arkansas Development Finance Authority and any successor agency or department;(2) “Bonds” means bonds issued under this subchapter;(3) “Commission” means the Arkansas Economic Development Commission;(4) “Debt service” means…

(a) (1) The Arkansas Development Finance Authority, exercising an essential public function as the State of Arkansas's bond-issuing authority, is authorized by this subchapter to issue bonds to fund superprojects.(2) The authority shall be responsible for developing the bond fina…

(a) The Arkansas Development Finance Authority may issue bonds of the State of Arkansas, to be known as “State of Arkansas Economic Development General Obligation Bonds”, in total principal amount not to exceed four hundred million dollars ($400,000,000) for the purposes authoriz…

(a) (1) To qualify as a superproject, the investment and job creation requirements must be attained no later than the eighth year after the project first begins operations unless the eight-year period is extended by the Arkansas Economic Development Commission.(2) The commission …

(a) The bonds shall be issued in series in amounts sufficient to finance or refinance all or any part of a superproject's costs, with the respective series to be designated in alphabetical order or by the year in which issued, or both. (b) Each series of bonds shall have such dat…

(a) Bonds shall be issued for the purpose of financing superprojects. (b) The proceeds of the bonds shall be applied:(1) To the payment of project costs and the costs and expenses of issuance of the bonds;(2) In connection with a superproject refinancing, to the repayment of inde…

(a) (1) The bonds shall be authorized by resolution of the Arkansas Development Finance Authority.(2) Each resolution shall contain terms, covenants, and conditions as deemed desirable, including without limitation, those pertaining to:(A) The establishment and maintenance of fun…

This subchapter shall be known and may be cited as the “Minority and Women-Owned Business Economic Development Act”.

(a) Each bond shall:(1) Be signed with the manual or facsimile signatures of the Governor, the Chair of the Board of Directors of the Arkansas Development Finance Authority, and the Treasurer of State; and(2) Have affixed, imprinted, or lithographed on the bond the Great Seal of …

(a) The bonds may be sold in the manner, either at public or private sale, and upon terms as determined by the Arkansas Development Finance Authority to be reasonable and expedient for effectuating the purposes of this subchapter. (b) The bonds may be sold at the price the author…

(a) The proceeds from the sale of the bonds, together with all revenues derived by the Arkansas Development Finance Authority from any superproject financed or refinanced under this subchapter shall be deposited by the recipient, as received, into trust funds either established i…

(1) In addition to powers conferred under other laws, the Arkansas Economic Development Commission may take any action necessary to carry out the purposes of this subchapter, including the power to:(1) Provide loans and grants from bond proceeds or project revenues to local entit…

(a) The bonds shall be direct general obligations of the state for the payment of debt service on which the full faith and credit of the state are irrevocably pledged so long as any of the bonds are outstanding. (b) The bonds shall be payable from the Economic Development Superpr…

(a) (1) On or before commencement of each fiscal year, the Chief Fiscal Officer of the State shall determine the estimated amount required for payment of all or a part of the debt service on the bonds issued during the fiscal year and deduct therefrom the estimated moneys to be a…

(a) All bonds issued under this subchapter and interest on the bonds are exempt from all state and local taxes. (b) The bonds shall be eligible to secure deposits of all public funds and shall be legal for investment of bank, fiduciary, insurance company, trust, and public funds.…

(a) (1) Bonds may be issued under this subchapter for the purpose of refunding any outstanding bonds issued pursuant to this subchapter.(2) The Arkansas Development Finance Authority shall not be required to include bonds issued pursuant to this section in any written plan submit…