Title 15, Natural Resources and Economic Development

This subchapter shall be known as the “Major Industry Facilities Incentive Act”.

(1) As used in this subchapter:(1) “Bonds” means revenue bonds or general obligation bonds;(2) “Eligible facility” means any facility owned by any state agency or political subdivision and any facility financed through the issuance of bonds by any state agency or political subdiv…

Any state agency or political subdivision that has acquired or constructed or which desires to acquire or construct or which has financed or which desires to finance through the issuance of its bonds an eligible facility may apply to the State Board of Finance for state assistanc…

(a) All applications for state assistance under this subchapter shall be in writing and shall describe:(1) The eligible facility;(2) The financing thereof;(3) The estimated number of people to be employed at the eligible facility;(4) The estimated additional state income tax reve…

(a) After reviewing the application and upon reasonable notice to the applicant, the State Board of Finance shall hold a public hearing on the application. (b) (1) The board shall give notice of the time, place, and purpose of the public hearing by publication one (1) time in a n…

(a) After consideration of the application and conclusion of the hearing, the State Board of Finance shall determine whether the facility described in the application is an eligible facility. (b) If the board determines that the facility described in the application is an eligibl…

(a) If the application is approved, the State Board of Finance shall fix the amount of state assistance to the state agency or political subdivision to repay its investment or for paying debt service on the bonds issued to finance, in whole or in part, the eligible facility, if r…

(a) There is created 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 “Major Industry Facilities Incentive Fund”. (b) The Treasurer of State shall monthly, before making the percentage distributions …

(a) Payments of state assistance to state agencies and political subdivisions under this subchapter shall be made by remitting them directly to the trustee for the holders of the bonds issued to finance the eligible facility. (b) The trustee shall apply the state assistance money…

Any state agency or political subdivision entering into an agreement pursuant to this subchapter may provide for suspension, in whole or in part, of the collection of any tax voted for payment of its general obligation bonds issued in accordance with an agreement under this subch…

(a) Nothing in this subchapter shall be construed as authorizing the pledging of the faith and credit of the state or any of its revenues, either for the performance of the obligations of the state under the agreements authorized by this subchapter or for the payment of bonds iss…

This subchapter may be referred to and cited as the “Arkansas Economic Development Act of 1995”.

(1) As used in this subchapter:(1) (A) “Average hourly wage” means the average wage of the net new full-time permanent employees based on payroll for the most recent quarter reported to the Division of Workforce Services.(B) “Average hourly wage” is computed by using the total of…

(1) The Arkansas Economic Development Commission shall administer the provisions of this subchapter and shall have the following powers and duties in addition to those mentioned in this subchapter and in other laws of this state:(1) To promulgate rules in accordance with the Arka…

(1) To qualify for the benefits of this subchapter, the business must:(1) Be an eligible business as defined in § 15-4-1902;(2) Hire at least one hundred (100) net new full-time permanent employees within twenty-four (24) months of the date the financial incentive plan was signed…

(1) The financial incentive plan shall:(1) Specify the tax incentives the business is to receive, including the maximum amount of income tax credit the business may claim for each tax year covered by the financial incentive plan;(2) (A) Specify the term of the financial incentive…

(a) (1) The Revenue Division of the Department of Finance and Administration shall authorize a refund of sales and use taxes imposed by the state and a municipality or county if the municipality or county authorized the refund of its local tax on the purchases of the material use…

(a) The Department of Finance and Administration shall have the authority to obtain whatever information necessary from the participating businesses and from the Division of Workforce Services to verify that businesses which have entered into financial incentive plans with the Ar…

Receiving benefits for a project pursuant to this subchapter will preclude a business from receiving benefits under any other tax incentive program for that same project.

This subchapter may be referred to and cited as the “Digital Product and Motion Picture Industry Development Act of 2009”.

(1) It is the intent of the General Assembly to assist in cultivating the film industry by:(1) Providing the citizens of Arkansas with the education, training, and financial tools to succeed in today's global economy. The economic landscape of the state and the nation has moved f…

(1) As used in this subchapter:(1) “Application for a tax incentive” means the document required by the Film Office to begin the process for obtaining a tax incentive under this subchapter;(2) (A) “Below-the-line employees” means employees involved with the production of a motion…

(a) A production company that plans to operate within the borders of Arkansas shall register with the Film Office before beginning operations. (b) (1) Upon registration and signing a financial incentive agreement, the production company shall include the name of Arkansas in the c…

(a) (1) The Director of the Arkansas Economic Development Commission may offer to a production company that has submitted an approved application for a tax incentive under § 15-4-2007 a tax incentive of twenty-five percent (25%) on all qualified production costs in connection wit…

(a) (1) The Director of the Arkansas Economic Development Commission shall offer a tax credit or a rebate of twenty-five percent (25%) to a qualifying production company that has submitted an approved application for a tax incentive under § 15-4-2007 for a tax incentive on all qu…

(a) (1) To apply for the tax incentives provided under this subchapter, a production company shall submit an application for a tax incentive and provide an estimate of total expenditures to be made in Arkansas in connection with the production.(2) The application for a tax incent…

(a) The Revenue Division of the Department of Finance and Administration shall upon receipt of an application for a tax incentive for a rebate, including a proof of performance expenditure report from the Film Office:(1) Calculate the total expenditures of the relevant production…

(a) A production company that intends to apply for a tax incentive under this subchapter and does not register as required by § 15-4-2004 may be enjoined from engaging in production activities in the state by any court of competent jurisdiction until the production company has re…

There is created and established at the seat of government of this state a council to be known as the “Arkansas Economic Development Council”.

The Arkansas Economic Development Commission shall promulgate appropriate rules to carry out the intent and purposes of this subchapter and to prevent abuse.

The opportunity to apply for a tax incentive provided by this subchapter expires on June 30, 2032.

(a) (1) After receiving both an application for a tax incentive for a tax credit under this subchapter and a proof of performance expenditure report from the Film Office, the Revenue Division of the Department of Finance and Administration shall:(A) Calculate the total expenditur…

(a) (1) An owner of a tax credit under this subchapter may transfer, sell, or assign some or all of the amount of the tax credit certified under § 15-4-2012.(2) A subsequent holder of some or all the amount of the tax credit may transfer, sell, or assign some or all of the remain…

(a) If the Director of the Arkansas Economic Development Commission receives an application for a tax incentive for tax credits under this subchapter that would exceed the amount of tax credits remaining to be issued in a fiscal year under § 15-4-2012, the director may request th…

(a) (1) The Arkansas Economic Development Council shall consist of sixteen (16) members, who shall be qualified electors of this state, to be appointed by the Governor with the advice and consent of the Senate.(2) (A) At least three (3) members shall be appointed from each of the…

(a) (1) The Arkansas Economic Development Council shall select a chair and vice chair annually from its membership.(2) The Director of the Arkansas Economic Development Commission shall be ex officio Secretary of the Arkansas Economic Development Council but shall have no vote on…

(a) The Arkansas Economic Development Council may serve in an advisory capacity to the Director of the Arkansas Economic Development Commission, the Governor, and the General Assembly. (b) A primary function of the council is to approve the issuance of guaranties of amortization …

(a) The Arkansas Economic Development Commission is the state agency responsible for implementing programs and policies aimed at improving the state's economic condition. (b) The purposes of the commission are to:(1) Serve as the primary governmental source for carrying out the G…

(a) (1) The Director of the Arkansas Economic Development Commission shall be appointed by the Governor subject to confirmation by the Senate.(2) The director shall serve at the pleasure of the Governor.(3) The director shall report to the Secretary of the Department of Commerce.…

(a) In accordance with state and federal law, the Arkansas Economic Development Commission shall:(1) Administer grants, loans, cooperative agreements, tax credits, guaranties, and other incentives, memoranda of understanding, and conveyances to assist with economic development in…

(a) The Arkansas Economic Development Commission may engage the services of contract employees to promote the development of:(1) Foreign direct investment in the state;(2) Increased trade with foreign countries; and(3) Improved relations with countries with which the state curren…

(1) The Arkansas Economic Development Commission shall present a report annually on the commission's work during the previous calendar year in these areas of concern:(1) An accounting of:(A) Each project that was offered incentives in the previous calendar year, including without…

(a) In order to provide information to the General Assembly regarding the benefits of certain economic incentive programs, Arkansas Legislative Audit shall prepare annually a cost-benefit analysis of the projects provided incentives under the Consolidated Incentive Act of 2003, §…

This subchapter may be referred to and cited as the “Arkansas Public Roads Improvements Credit Act”.

(1) The General Assembly finds and declares that:(1) The state's program for capital improvements for public roads projects and the financing of those projects is inadequate;(2) The economic and other benefits to the state and its people resulting from capital improvements for pu…

(1) As used in this subchapter:(1) “Capital improvements” means capital improvements for public roads;(2) “Commission” means the Arkansas Economic Development Commission;(3) “Contribution” means a contribution in aid of construction of a public roads project made by a taxpayer to…