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Arkansas Statutes, Title 15

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Arkansas/Statutes

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Title 15, Natural Resources and Economic Development

42 chapters · 1,615 sections in this title.

All chapters in Title 151,615 Ch 4, Development of Business and Industry…321 Ch 5, Arkansas Development Finance Authority173 Ch 22, Water Resources170 Ch 20, General Provisions145 Ch 72, Oil and Gas Production and Conservation102 Ch 11, Publicity And Tourism70 Ch 3, Development of Science, Technology, …64 Ch 58, Arkansas Surface Coal Mining and Rec…46 Ch 75, Liquefied Petroleum Gases45 Ch 23, Rivers and Creeks40 Ch 32, Logging39 Ch 57, Mining and Reclamation Generally38 Ch 74, Measurement, Inspection, And Sale Of…35 Ch 21, Land32

1,615 sections·Filtered byTitle 15✕

Ark. Code Ann. § 15-4-3215 Annual determination of moneys required for bond repayment
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(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 outstanding bonded indebtedness during the fiscal year and deduct therefrom the estim…
Ark. Code Ann. § 15-4-3216 Exemption from taxes — Eligible to secure deposits — Legal for investment
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(a) All bonds issued under Arkansas Constitution, Amendment 82, and 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, in…
Ark. Code Ann. § 15-4-3217 Refunding bonds
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(a) After bonds have been issued under Arkansas Constitution, Amendment 82, and this subchapter, the Arkansas Development Finance Authority may issue bonds for the purpose of refunding any outstanding bonds issued under Arkansas Constitution, Amendment 82, and this subchapter. (b…
Ark. Code Ann. § 15-4-3218 Contractual obligations of state — Enforcement

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(a) This subchapter shall constitute a contract between the state and the registered owners of all bonds issued under Arkansas Constitution, Amendment 82, and this subchapter that shall never be impaired, and any violation of its terms, whether under purported legislative authori…

Ark. Code Ann. § 15-4-3219 No rights until first series of bonds sold and delivered — Outstanding bonds unaffected

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(a) This subchapter shall not create any right of any character, and no right of any character shall arise under it unless and until the first series of bonds authorized by this subchapter are sold and delivered. (b) The issuance of bonds authorized by this subchapter shall not i…

Ark. Code Ann. § 15-4-3220 Legal actions heard as preferred cause — Appeals

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Any case involving the validity of this subchapter or involving the bonds issued under Arkansas Constitution, Amendment 82, and this subchapter shall be deemed of public interest and shall be advanced by all courts and heard as a preferred cause, and all appeals from judgments or…

Ark. Code Ann. § 15-4-3221 Monitoring and reporting

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(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…

Ark. Code Ann. § 15-4-3222 Release of information

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(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…

Ark. Code Ann. § 15-4-3223 Power and duties of Arkansas Economic Development Commission and Arkansas Development Finance Authority

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(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…

Ark. Code Ann. § 15-4-3224 Public reporting requirements

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(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…

Ark. Code Ann. § 15-4-3301 Title

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

Ark. Code Ann. § 15-4-3302 Equity investment incentives — Creation — Purpose — Tax credit

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(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 …

Ark. Code Ann. § 15-4-3303 Eligibility for equity investment incentive

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(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…

Ark. Code Ann. § 15-4-3304 Application for equity investment incentive tax credit

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(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 …

Ark. Code Ann. § 15-4-3305 Award of equity investment incentive tax credit

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(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 …

Ark. Code Ann. § 15-4-3306 Rules

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

Ark. Code Ann. § 15-4-3307 Definition

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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.

Ark. Code Ann. § 15-4-3401 Title

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

Ark. Code Ann. § 15-4-3402 Legislative intent

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(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…

Ark. Code Ann. § 15-4-3403 Definitions

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(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…

Ark. Code Ann. § 15-4-3404 Regional economic development partnerships — Board of directors

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(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…

Ark. Code Ann. § 15-4-3405 Application

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(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…

Ark. Code Ann. § 15-4-3406 Termination

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(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…

Ark. Code Ann. § 15-4-3407 State funding

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(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…

Ark. Code Ann. § 15-4-3408 Matching funds

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(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…

Ark. Code Ann. § 15-4-3409 Eligible uses of state funds

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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.

Ark. Code Ann. § 15-4-3410 Ineligible uses of state funds

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(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…

Ark. Code Ann. § 15-4-3411 Annual reports

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(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…

Ark. Code Ann. § 15-4-3412 Administration — Rules

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

Ark. Code Ann. § 15-4-3501 Increased tax refund for major maintenance and improvement projects

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(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…

Ark. Code Ann. § 15-4-3601 Title

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

Ark. Code Ann. § 15-4-3602 Definitions

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(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…

Ark. Code Ann. § 15-4-3603 New market tax credit

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(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 …

Ark. Code Ann. § 15-4-3604 Transferability

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(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…

Ark. Code Ann. § 15-4-3605 Certification of qualified equity investments

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(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…

Ark. Code Ann. § 15-4-3606 Letter rulings

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(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…

Ark. Code Ann. § 15-4-3607 Recapture

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(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…

Ark. Code Ann. § 15-4-3608 Cure period — Notice of noncompliance

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(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…

Ark. Code Ann. § 15-4-3609 Refundable performance fee

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(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…

Ark. Code Ann. § 15-4-3610 Retaliatory tax

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(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…

Ark. Code Ann. § 15-4-3611 Decertification

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(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…

Ark. Code Ann. § 15-4-3612 Reports

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(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…

Ark. Code Ann. § 15-4-3613 Revenue impact assessment

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(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…

Ark. Code Ann. § 15-4-3614 Rules

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

Ark. Code Ann. § 15-4-3701 Title

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

Ark. Code Ann. § 15-4-3702 Purpose

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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…

Ark. Code Ann. § 15-4-3703 Definitions

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(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…

Ark. Code Ann. § 15-4-3704 Arkansas Workforce Development Board

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(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…

Ark. Code Ann. § 15-4-3705 Arkansas Workforce Development Board committees

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(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…

Ark. Code Ann. § 15-4-3706 Powers and duties of the Arkansas Workforce Development Board

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(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…