Title 15 — Natural Resources and Economic Development

(a) The Arkansas Economic Development Commission shall require audits of all accounts related to construction, operation, or maintenance of any qualified Amendment 82 project funded by this subchapter. (b) The Arkansas Economic Development Commission is responsible for monitoring…

(a) (1) Except as otherwise required to be disclosed under this subchapter, all information of the type identified in § 25-19-105(b)(9)(A) and related to a proposed project or a qualified Amendment 82 project that is provided to, compiled by or for, or developed by or for the Ark…

(a) In connection with their duties and powers under this subchapter, the Arkansas Economic Development Commission and the Arkansas Development Finance Authority, acting independently or jointly, shall have the following powers and duties, in addition to and not in replacement or…

(a) The reports delivered to the General Assembly under § 15-4-3203(i)(2) and (3) shall be available to the general public under the same policies and procedures that generally apply with respect to reports to the General Assembly. (b) (1) During the term of an Amendment 82 agree…

This subchapter shall be known and may be cited as the “Equity Investment Incentive Act of 2007”.

(a) Equity investment incentives in the form of tax credits to persons or companies investing in certain types of eligible businesses are created. (b) The equity investment incentives shall:(1) Encourage capital investment in certain types of businesses including:(A) Early-stage …

(a) Eligibility for the equity investment incentive tax credit under this subchapter is limited to investments in:(1) Targeted businesses as defined in § 15-4-2703; or(2) A business that receives assistance in the form of equity investments from capital investment funds that targ…

(a) A business that seeks eligibility for an equity investment incentive tax credit under this subchapter shall file an application with the Arkansas Economic Development Commission. (b) The application shall include:(1) A business plan describing the proposed business for which …

(a) A person or company that purchases an equity interest in a qualified business under § 15-4-3303(a) in any of the calendar years 2007 — 2028 is entitled to a credit against any state income tax liability that may be imposed on the person or company for any tax year, beginning …

The Arkansas Economic Development Commission and the Arkansas Development Finance Authority shall promulgate jointly rules to implement this subchapter.

As used in this subchapter, “convertible financing structure” means an investment mechanism that converts into equity at a subsequent event, including without limitation convertible debt, convertible equity, and a convertible note.

This subchapter shall be known and may be cited as the “Regional Economic Development Partnership Act”.

(1) The General Assembly finds that:(1) The support of regional economic development efforts is vital to the economic health and vitality of the state;(2) In order to increase the income of Arkansans at a growth pace greater than the national average and to compete more effective…

(1) As used in this subchapter:(1) “Economic development region” means a group of municipalities or counties that:(A) Includes at least two (2) counties; and(B) Has formed a regional economic development partnership;(2) “In-kind contributions” means items given to a regional econ…

(a) A regional economic development partnership shall satisfy the following requirements:(1) The economic development region includes the active participation of at least two (2) contiguous counties;(2) The economic development region is of adequate size in population to:(A) Effe…

(a) An entity shall not be recognized as a regional economic development partnership under this subchapter unless the board of directors of the entity submits an application and is approved under this section. (b) An entity applying for approval as a regional economic development…

(a) A board of directors of a regional economic development partnership may terminate the regional economic development partnership upon a majority vote of the board of directors. (b) Notice of the intent to terminate a regional economic development partnership shall be sent to t…

(a) (1) Each regional economic development partnership shall enter into an agreement with the Arkansas Economic Development Commission to receive state funds, if available.(2) The agreement under subdivision (a)(1) of this section shall:(A) Be for a term of not longer than one (1…

(a) A regional economic development partnership shall match the state funds allocated to the regional economic development partnership on the basis of at least one dollar ($1.00) of local matching funds for every one dollar ($1.00) of state funds. (b) If a regional economic devel…

State funds under this subchapter shall be used only for marketing, advertising, promoting, and other activities related to implementing the Governor's Strategic Plan for Economic Development required under § 15-4-3405.

(a) State funds under this subchapter shall not be used for administrative costs. (b) Ineligible uses of state funds include without limitation payment for the following expenses:(1) Administrative salaries, benefits, general administrative costs, and salaries and benefits relate…

(a) A regional economic development partnership that receives state funding under this subchapter shall submit an annual report to the Arkansas Economic Development Commission. (b) The annual report required under subsection (a) of this section shall include the following:(1) A d…

The Arkansas Economic Development Commission shall administer this subchapter and may adopt any rules necessary to implement this subchapter.

(a) A taxpayer that is eligible for a refund of excise taxes under § 26-52-447 or § 26-53-149 is eligible for a refund of one hundred percent (100%) of the sales and use taxes levied in §§ 26-52-301, 26-52-302, 26-53-106, and 26-53-107 on the tangible personal property and servic…

This subchapter shall be known and may be cited as the “New Markets Jobs Act of 2013”.

(1) As used in this subchapter:(1) “Applicable percentage” means:(A) Zero percent (0%) for the first two (2) credit allowance dates;(B) Twelve percent (12%) for the third, fourth, and fifth credit allowance dates; and(C) Eleven percent (11%) for the sixth and seventh credit allow…

(a) A corporation, limited liability company, association, partnership, or other business entity that makes a qualified equity investment earns a vested right to a tax credit against state premium tax liability. (b) The tax credit established under subsection (a) of this section …

(a) A tax credit claimed under this subchapter shall not be refundable or saleable on the open market. (b) (1) A tax credit earned by a corporation, limited liability company, association, partnership, or other business entity may be allocated to the partners, members, or shareho…

(a) (1) (A) (i) A qualified community development entity that seeks to have an equity investment or a long-term debt security designated as a qualified equity investment eligible for a tax credit under this subchapter shall apply to the Arkansas Economic Development Commission.(i…

(a) Subject to the requirements and limitations of this section, the Arkansas Economic Development Commission shall issue letter rulings regarding the tax credit program authorized under this subchapter. (b) (1) The commission shall respond to a request for a letter ruling within…

(1) The Arkansas Economic Development Commission shall recapture the tax credit allowed under this subchapter from the taxpayer that claimed the tax credit if:(1) (A) Any amount of a federal tax credit available with respect to a qualified equity investment that is eligible for a…

(a) Enforcement of each of the recapture provisions under § 15-4-3607 is subject to a six-month cure period. (b) Recapture shall not occur until the Arkansas Economic Development Commission has given the qualified community development entity written notice of its noncompliance a…

(a) A qualified community development entity that seeks to have an equity investment or long-term debt security designated as a qualified equity investment eligible for a tax credit under this subchapter shall pay a fee in the amount one-half of one percent (0.5%) of the amount o…

(a) An entity claiming a tax credit under this subchapter is not required to pay any additional retaliatory tax levied under § 23-63-102 as a result of claiming the tax credit. (b) In addition to the exclusion in subsection (a) of this section, it is the intent of this subchapter…

(a) (1) If a qualified equity investment is certified under § 15-4-3605, the qualified equity investment shall not be decertified unless the requirements of subsection (b) of this section are met.(2) Until all qualified equity investments issued by a qualified community developme…

(a) (1) A qualified community development entity that issues a qualified equity investment under this subchapter shall submit a report to the Arkansas Economic Development Commission within five (5) business days after the first anniversary of the initial credit allowance date.(2…

(a) (1) Before making a qualified low-income community investment, a qualified community development entity shall submit to the Arkansas Economic Development Commission for review a revenue impact assessment prepared by a nationally recognized third-party independent economic for…

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

This subchapter shall be known and may be cited as the “Arkansas Workforce Innovation and Opportunity Act”.

The purpose of this subchapter is to outline a workforce development plan for Arkansas and to comply with the Workforce Innovation and Opportunity Act, Pub. L. No. 113-128, by increasing access for Arkansans, particularly those individuals with barriers to employment, to opportun…

(1) As used in this subchapter:(1) (A) “Chief elected official” means the chief elected executive officer of a unit of general local government in a local workforce development area.(B) If a local workforce development area includes more than one (1) unit of general local governm…

(a) The Arkansas Workforce Development Board is created. (b) The Arkansas Workforce Development Board shall consist of:(1) The Governor;(2) The following members to be appointed by the Governor, subject to confirmation by the Senate:(A) Members constituting a majority of the Arka…

(a) (1) To comply with the requirements and responsibilities assigned under this subchapter, the Arkansas Workforce Development Board shall select from its membership an executive committee to be composed of at least nine (9) members but no more than eleven (11) members.(2) The C…

(1) The Arkansas Workforce Development Board shall assist the Governor and the Secretary of the Department of Commerce in:(1) The development, implementation, and modification of the state workforce development plan;(2) The review of statewide policies, of statewide programs, and…

(a) By March 3, 2016, the Governor shall submit to the United States Department of Labor and other approval authorities, as appropriate, a state plan outlining the state's four-year strategy for the core programs of the state under this subchapter. (b) The state plan shall be a u…

(a) No later than July 1, 2015, the Governor shall designate local workforce development areas within the state:(1) Through consultation with the Arkansas Workforce Development Board; and(2) After consultation with chief elected officials and local workforce development boards an…

(a) There shall be established by July 1, 2015, and certified by the Governor, a local workforce development board in each local workforce development area to carry out the functions described in § 15-4-3711. (b) The Governor, in partnership with the Arkansas Workforce Developmen…

(a) One (1) time every two (2) years, the Governor shall certify one (1) local workforce development board for each local workforce development area in the state. (b) The certification under this section shall be based on criteria established under § 15-4-3709, and for a second o…

(a) The functions of a local workforce development board include:(1) (A) Developing and submitting a local workforce development plan to the Governor that meets the requirements in § 15-4-3713.(B) If the local workforce development area is part of a planning region that includes …

(a) (1) The local workforce development board shall designate and direct the activities of standing committees to provide information and to assist the local workforce development board in carrying out activities under this subchapter.(2) A standing committee shall be:(A) Chaired…