Title 15 — Natural Resources and Economic Development

(1) As used in this subchapter:(1) “Amendment 82 agreement” means a contract between the state and a sponsor under which the state is to provide Amendment 82 bond financing in exchange for the sponsor's agreeing to make an investment and to locate a new business or substantially …

(a) (1) (A) In exercising its responsibilities under Arkansas Constitution, Amendment 82, § 1, the General Assembly delegates, authorizes, and directs the Arkansas Economic Development Commission, the Arkansas Development Finance Authority, and the Chief Fiscal Officer of the Sta…

As soon as practicable after the General Assembly's approval of the issuance of bonds and before the Arkansas Development Finance Authority issues bonds, the Governor, the Speaker of the House of Representatives, the President Pro Tempore of the Senate, the Director of the Arkans…

(1) The sponsor shall be subject to specific penalties set forth in the Amendment 82 agreement and enacted in related legislation under § 15-4-3203(j) if the sponsor:(1) Does not satisfy the minimum job creation and investment requirements specified in the Amendment 82 agreement …

(a) (1) The Amendment 82 agreement shall specify a time period in which the sponsor must comply with the terms and conditions specified in the Amendment 82 agreement.(2) Except as provided in subsection (b) of this section, the time period shall not exceed four (4) years from the…

(1) Amendment 82 bonds may be issued to:(1) Finance project costs in an aggregate principal amount approved by the General Assembly without regard to any debt limitation; and(2) Refund outstanding Amendment 82 bonds in an aggregate principal amount approved by the Arkansas Develo…

(a) After the General Assembly's approval in regular session, fiscal session, or extraordinary session and the execution of the Amendment 82 agreement, the Arkansas Development Finance Authority, on behalf of the state, may issue bonds under Arkansas Constitution, Amendment 82, a…

(a) The bonds shall be issued, whether or not the interest on the bonds is subject to federal taxation, in series in amounts sufficient to finance or refinance all or any part of a qualified Amendment 82 project's costs, with the respective series to be designated by the year in …

(a) (1) Prior to the issuance of any series of bonds, the Arkansas Development Finance Authority shall adopt a resolution authorizing the issuance of the bonds.(2) Each resolution may contain terms, covenants, and conditions as deemed desirable, including, without limitation, tho…

(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 determined by the Arkansas Development Finance Authority to be reasonable and expedient for effectuating the purposes of Arkansas Constitution, Amendment 82, and this subchapter. (b) The bon…

(a) The proceeds from the sale of the bonds, together with any revenues derived by the Arkansas Development Finance Authority from a qualified Amendment 82 project financed or refinanced under Arkansas Constitution, Amendment 82, and this subchapter, that are required to be so de…

(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) (1) The bonds shall be payable from general revenues or special …

(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…

(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…

(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…

(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…

(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…

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…

(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…