reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 15-4-1220 - Exemption for securities

(a)
(1)
The stock, units of interest, notes, debentures, bonds, and all other securities or obligations issued by any company organized and existing under the provisions of this subchapter shall be exempt from the provisions of the Arkansas Securities Act, §
23-42-101
et seq.
(2)
However, any company organized and existing under the provisions of this subchapter shall not be exempt from the following:
(A)
The antifraud provisions of the Arkansas Securities Act, §
23-42-101
et seq., under §
23-42-507
;
(B)
The criminal provisions for violation of the provisions found in §
23-42-104(a)
; and
(C)
The civil remedies available for violation of the provisions found in §
23-42-106
.
(b)
(1)
Notwithstanding the provisions of subsection (a) of this section, no company may offer its stock, units of interest, notes, debentures, bonds, or other securities or obligations without filing a notice with the Securities Commissioner before the first offer of the securities to be sold.
(2)
(A)
The filing shall state the terms of the offer and how the company intends to comply with the antifraud provisions of the Arkansas Securities Act, §
23-42-101
et seq., and shall be accompanied by copies of any sales materials the company will use in the offer of the securities.
(B)
The filing shall be effective upon deposit with the commissioner.
(C)
This filing requirement shall be applicable to the initial capitalization of the company and any subsequent offer of stock, units of interest, notes, debentures, bonds, or other securities or obligations or series thereof.
(c)
Failure of a company to make the filing required by subsection (b) of this section shall be a basis for imposition of all remedies available to the commissioner for the offer and sale of unregistered and nonexempt securities under the Arkansas Securities Act, §
23-42-101
et seq.
Acts 1991, No. 1029, § 20; 1997, No. 906, § 1; 1999, No. 37, § 19.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 15-4-1221 - Obligations as negotiable instruments

All bonds, notes, debentures, and other obligations of a company authorized under and issued in compliance with the provisions of this subchapter shall be, shall have, and are declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments laws of the state.
Acts 1991, No. 1029, § 21; 1999, No. 37, § 20.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 15-4-1222 - Eligibility for certain investments

Any city or town in this state or any board, commission, or other authority duly established by ordinance of any such city or town or the boards of trustees, respectively, of the firemen's relief and pension fund and the policemen's pension and relief fund of any such city or town may invest any of its funds not immediately needed for its purposes in the bonds and notes of any company organized under the provisions of this subchapter.
Acts 1991, No. 1029, § 22; 1999, No. 37, § 21.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 15-4-1223 - Exemption from certain taxes

(a)
(1)
County or regional industrial development companies shall be exempt from taxation under the Income Tax Act of 1929, §
26-51-101
et seq., and from the payment of any other income taxes levied by a county or a municipality.
(2)
Dividends on stock or distributions with respect to units of interest of any such company pursuant to §
15-4-1215
shall be exempt from all state, county, or municipal income tax.
(3)
Interest on bonds, notes, or other obligations of any company issued under and in accordance with the provisions of this subchapter shall be exempt from all state, county, or municipal income taxes.
(b)
Corporations and limited liability companies shall file income tax returns each year at the time provided for the filing of corporate or partnership income tax returns, respectively.
(c)
A company claiming exemption from income tax under this section shall attach to the return required in subsection (b) of this section a certification from the Bank Commissioner stating that the company has been incorporated or organized and is operating as a corporation or limited liability company in accordance with the provisions of this subchapter.
Acts 1991, No. 1029, § 23; 1999, No. 37, § 22.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 15-4-1224 - [Repealed]

Repealed by Act 2017, No. 374,§ 5, eff. 8/1/2017.
Acts 1991, No. 1029, § 24; 1995, No. 363, § 1; 1995, No. 1044, § 1; 1999, No. 37, § 23.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 15-4-1225 - Loan policy

(a)
A company organized under the provisions of this subchapter shall not lend money when credit is readily available with comparable terms elsewhere. Before granting a loan, the directors of a corporation or the management committee of a limited liability company shall endeavor so far as is reasonably possible to ascertain that reasonable opportunity to grant the loan has been given to the financial institutions of the state.
(b)
No company organized under the provisions of this subchapter shall receive money on deposit.
(c)
The company shall not deposit any of its funds in any banking institution unless the institution has been designated as a depository by a vote of a majority of the directors or a majority of the management committee present at an authorized meeting of the directors or the management committee, exclusive of any director or any member of the management committee who is an officer or director of the depository so designated.
Acts 1991, No. 1029, § 25; 1999, No. 37, § 24.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 12 - COUNTY AND REGIONAL INDUSTRIAL DEVELOPMENT COMPANY ACT (§§ 15-4-1201 — 15-4-1228) › Section 15-4-1226 - Supervision of companies

(a)
(1)
Each company organized under the provisions of this subchapter shall be subject to the general supervision and control of the Bank Commissioner.
(2)
In addition to the other duties imposed upon them by law, the powers of the Bank Commissioner are to:
(A)
Make reasonable rules which may be necessary to regulate the safety and soundness of the companies for making this subchapter effective;
(B)
Conduct investigations which may be necessary to determine whether any person has engaged in or is about to engage in any act or practice constituting a violation of any provision of this subchapter or of the laws of this state;
(C)
Conduct any examinations, investigations, and hearings which may be necessary and proper for the efficient administration of the county and regional industrial development company laws of this state and to charge the company for the expense of such examination, investigation, or hearing at the rate of two hundred twenty-five dollars ($225) per examiner per day or partial day; and
(D)
(i)
Within the Bank Commissioner's discretion, classify as confidential certain records and information obtained by the State Bank Department when such matters are obtained from an investigation or examination by the department's staff.
(ii)
However, applications shall be public documents.
(b)
With respect to §
15-4-1220
, each company organized under the provisions of this subchapter shall be subject to the specific regulation and control of the Securities Commissioner, who shall have the authority to:
(1)
Make reasonable rules which may be necessary for making §
15-4-1220
effective;
(2)
Conduct investigations and hearings which may be necessary to determine whether any person has engaged in or is about to engage in any act or practice constituting a violation of §
15-4-1220
and to charge the company for the expense of such an investigation or hearing at the rate of two hundred twenty-five dollars ($225) per investigator per day or partial day;
(3)
Conduct any examinations, investigations, and hearings which may be necessary and proper for the efficient administration and application of §
15-4-1220
to county and regional industrial development companies; and
(4)
Within the Securities Commissioner's discretion, classify as confidential certain records and information obtained by the Securities Commissioner when such matters are obtained from an investigation or examination by the department's staff.
Amended by Act 2019, No. 315,§ 1061, eff. 7/24/2019.
Amended by Act 2019, No. 315,§ 1060, eff. 7/24/2019.
Acts 1991, No. 1029, § 26; 1997, No. 904, § 1; 1999, No. 37, § 25.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 14 - INVENTORS' ASSISTANCE ACT (§§ 15-4-1401 — 15-4-1408) › Section 15-4-1401 - Title

This subchapter shall be known and may be cited as the "Inventors' Assistance Act".
Acts 1991, No. 707, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 14 - INVENTORS' ASSISTANCE ACT (§§ 15-4-1401 — 15-4-1408) › Section 15-4-1402 - Definitions

As used in this subchapter:
(1)
"Center" means the Center for Prototype Development and Emerging Technologies to be developed and operated by the University of Arkansas at Little Rock;
(2)
"Commercial state" means the point at which a product has been developed beyond the theoretical and prototype stage and is capable of being manufactured or practiced commercially;
(3)
"Gross sales revenues" means all revenues or anything of value received by any person from the sale of a proprietary product;
(4)
"Intellectual property" means patents, copyrights, or trademarks acquired pursuant to federal or state law or applications for patent or for copyright or trademark registration;
(5)
"Inventor" means any person who conceives a new concept which may result in a proprietary product;
(6)
"Person" means any individual, sole proprietor, partnership, or corporation;
(7)
"Product" means any device, technique, process, item of manufacture, composition of matter, or work of authorship;
(8)
"Product development plan" means a plan prepared by the center for developing a product to the commercial state;
(9)
"Proposal" means a plan provided by the inventor which includes technical and descriptive information on a product;
(10)
"Proprietary product" means a product patented, copyrighted, or trademarked pursuant to federal or state law or for which an application for patent or for copyright or trademark registration is pending; and
(11)
"Royalties" means all things of value received by an inventor in connection with the licensing of a proprietary product or the assignment, sale, or licensing of intellectual property.
Acts 1991, No. 707, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 14 - INVENTORS' ASSISTANCE ACT (§§ 15-4-1401 — 15-4-1408) › Section 15-4-1403 - Prototype development center - Objectives of program

(a)
The Board of Trustees of the University of Arkansas, in consultation with the Arkansas Inventors Congress, Inc., is authorized to establish a Center for Prototype Development and Emerging Technologies at the University of Arkansas at Little Rock to provide assistance to inventors.
(b)
The inventors' assistance program shall be designed to:
(1)
Attract inventors from throughout this state, the nation, and other countries and encourage them to submit their proposals for review and evaluation;
(2)
(A)
Provide assistance to inventors whose proposals are accepted after evaluation and review.
(B)
Assistance may include limited patent searches, market analysis, product research and development, assistance in obtaining financing, business counseling, and any other assistance not prohibited by the Arkansas Constitution or laws of this state which is necessary to develop the product to the commercial state.
(C)
To protect both the state and the inventor, a disclosure document shall be on file with the United States Patent and Trademark Office before the center will review a proposal;
(3)
Provide assistance to enable the manufacturing, marketing, and distribution of the product; and
(4)
Protect the confidentiality of each inventor's proposals to the extent permitted by law.
Acts 1991, No. 707, § 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 14 - INVENTORS' ASSISTANCE ACT (§§ 15-4-1401 — 15-4-1408) › Section 15-4-1404 - Authority of board

(a)
The Board of Trustees of the University of Arkansas, on behalf of the Center for Prototype Development and Emerging Technologies, may:
(1)
Enter into contracts on a competitive-bid basis or noncompetitive-bid basis, consistent with state laws and rules, with public and private agencies, institutions, organizations, and individuals for the purpose of providing assistance to and services for inventors as required by this subchapter;
(2)
Solicit the support and contribution of public and private agencies, organizations, institutions, and individuals;
(3)
Receive and administer funds for the purpose of operating the inventors' assistance program;
(4)
Advertise and promote the inventors' assistance program;
(5)
Adopt policies and procedures to implement the provisions of this subchapter; and
(6)
Acquire security interests in intellectual property to the extent necessary to protect the state's interest in the fees charged pursuant to §
15-4-1406
.
(b)
The board, on behalf of the center, is authorized to enter into a written contract with each center employee which shall include provisions designed to protect the confidentiality of inventors' proposals and to prohibit the employee from using information gained at the center to compete with or disadvantage any inventor.
Amended by Act 2019, No. 315,§ 1064, eff. 7/24/2019.
Acts 1991, No. 707, §§ 4, 5.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 14 - INVENTORS' ASSISTANCE ACT (§§ 15-4-1401 — 15-4-1408) › Section 15-4-1405 - Annual report

(a)
The Center for Prototype Development and Emerging Technologies shall submit an annual report based on the fiscal year on or before December 31 of each year to the Governor and shall file an electronic copy of the report with the Legislative Council to be reviewed by the House Committee on State Agencies and Governmental Affairs and the Senate Committee on State Agencies and Governmental Affairs.
(b)
The report shall include, but not be limited to:
(1)
The number of proposals submitted for review and evaluation;
(2)
The number of proposals accepted for development and the number rejected;
(3)
The number of products patented;
(4)
The number of products developed to the commercial state;
(5)
The number of jobs created and preserved as a result of the manufacturing, marketing, packaging, warehousing, and distribution of products; and
(6)
An estimate of the multiplier effect on the Arkansas economy as a result of jobs so created and preserved.
Amended by Act 2013, No. 501,§ 1, eff. 8/16/2013.
Acts 1991, No. 707, § 7; 1997, No. 324, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 14 - INVENTORS' ASSISTANCE ACT (§§ 15-4-1401 — 15-4-1408) › Section 15-4-1406 - Fees - Review of proposals

(a)
The Center for Prototype Development and Emerging Technologies shall charge a filing fee of up to five hundred dollars ($500) for each proposal submitted for review and evaluation, depending upon the cost to research the proposal as determined by the center.
(b)
After review and evaluation, proposals shall be accepted or rejected for product development under the inventors' assistance program.
Acts 1991, No. 707, § 5.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 14 - INVENTORS' ASSISTANCE ACT (§§ 15-4-1401 — 15-4-1408) › Section 15-4-1408 - Inventors' Assistance Program Fund

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 "Inventors' Assistance Program Fund". This fund shall consist of all moneys received by the Center for Prototype Development and Emerging Technologies for implementation of this subchapter and all fees received pursuant to this subchapter. Moneys received into the fund are authorized to be applied to implement this subchapter. Any amount in the fund not directly needed to implement this subchapter shall go to the general revenue fund of the state.
Acts 1991, No. 707, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 16 - ARKANSAS ECONOMIC DEVELOPMENT INCENTIVE ACT OF 1993 (§§ 15-4-1601 — 15-4-1610) › Section 15-4-1601 - Title

This subchapter may be referred to and cited as the "Arkansas Economic Development Incentive Act of 1993".
Acts 1993, No. 788, § 1; 1993, No. 851, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 16 - ARKANSAS ECONOMIC DEVELOPMENT INCENTIVE ACT OF 1993 (§§ 15-4-1601 — 15-4-1610) › Section 15-4-1603 - Economic Development Incentive Fund

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. The fund shall consist of revenues designated for this fund by the Revenue Division of the Department of Finance and Administration pursuant to agreements entered into by the Arkansas Economic Development Commission with qualified businesses.
Acts 1993, No. 788, § 3; 1993, No. 851, § 3; 1997, No. 540, § 32; 1999, No. 584, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 16 - ARKANSAS ECONOMIC DEVELOPMENT INCENTIVE ACT OF 1993 (§§ 15-4-1601 — 15-4-1610) › Section 15-4-1604 - Powers and duties of the Arkansas Economic Development Commission

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 Arkansas Administrative Procedure Act, §
25-15-201
et seq., necessary to carry out the provisions of this subchapter;
(2)
(A)
In highly competitive situations, the Director of the Arkansas Economic Development Commission is authorized to negotiate proposals on behalf of the state with prospective businesses which are considering locating a new facility or expanding an existing facility that would employ the requisite number of net new full-time permanent employees provided by §
15-4-1605
.
(B)
The commission is authorized to negotiate with the business a financial incentive plan up to an amount equal to three and nine-tenths percent (3.9%) of the business's annual payroll for the net new full-time permanent employees, and may negotiate with the business a financial incentive plan up to an amount equal to five percent (5%) of the annual payroll for the net new full-time permanent employees if the business locates in an area of high unemployment as defined by §
15-4-1602
;
(3)
To provide the Department of Finance and Administration with a copy of each formal agreement entered into by the commission with each of the qualifying businesses so that the department will know how much money is to be designated for the Economic Development Incentive Fund each quarter; and
(4)
To make disbursement from the fund to qualified businesses which have entered into financial incentive plans.
Amended by Act 2019, No. 315,§ 1065, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 368, eff. 7/1/2019.
Acts 1993, No. 788, § 4; 1993, No. 851, § 4; 1999, No. 584, § 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 16 - ARKANSAS ECONOMIC DEVELOPMENT INCENTIVE ACT OF 1993 (§§ 15-4-1601 — 15-4-1610) › Section 15-4-1607 - Transfer of funds

After the Department of Finance and Administration has received the certification of the number of employees and their payroll from a business that has entered into a financial incentive plan with the Arkansas Economic Development Commission, the department shall transfer the appropriate amount of money designated by the financial incentive plan out of general revenues into a special account designated as special revenue for the Economic Development Incentive Fund.
Acts 1993, No. 788, § 7; 1993, No. 851, § 7.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 16 - ARKANSAS ECONOMIC DEVELOPMENT INCENTIVE ACT OF 1993 (§§ 15-4-1601 — 15-4-1610) › Section 15-4-1608 - Verification

(a)
The Department of Finance and Administration shall have the authority to obtain whatever information necessary from participating businesses and from the Division of Workforce Services to verify that businesses which have entered into financial incentive plans with the Arkansas Economic Development Commission are complying with the terms of the financial incentive plans and reporting accurate information concerning the number of employees and their payrolls to the department.
(b)
The department may promulgate rules necessary for the proper administration of the provisions of this subchapter.
Amended by Act 2019, No. 315,§ 1066, eff. 7/24/2019.
Amended by Act 2019, No. 910,§ 371, eff. 7/1/2019.
Acts 1993, No. 788, § 8; 1993, No. 851, § 8; 1995, No. 590, § 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 16 - ARKANSAS ECONOMIC DEVELOPMENT INCENTIVE ACT OF 1993 (§§ 15-4-1601 — 15-4-1610) › Section 15-4-1609 - Effect of participation

Receiving benefits pursuant to this subchapter will preclude a business from participating in the incentive program of the Arkansas Economic Development Act of 1995, §
15-4-1901
et seq.
Acts 1993, No. 788, § 9; 1993, No. 851, § 9; 1999, No. 584, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 17 - ARKANSAS ENTERPRISE ZONE ACT OF 1993 (§§ 15-4-1701 — 15-4-1709) › Section 15-4-1701 - Title

This subchapter may be referred to and cited as the "Arkansas Enterprise Zone Act of 1993".
Acts 1993, No. 947, § 1; 1999, No. 1130, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 17 - ARKANSAS ENTERPRISE ZONE ACT OF 1993 (§§ 15-4-1701 — 15-4-1709) › Section 15-4-1703 - Powers and duties of the Arkansas Economic Development Commission

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 monitor the implementation and operation of this subchapter and to conduct a continuing evaluation of the progress made;
(2)
To assist the governing authority in obtaining assistance from any other department of state government, including assistance in providing training and technical assistance to new businesses and industries;
(3)
To assist any employer or prospective employer with a qualifying project in obtaining the benefits of any incentive or inducement program authorized by state law;
(4)
To act as a liaison between other state agencies and businesses and industries to assure that both the spirit and the intent of this subchapter are met;
(5)
To submit an annual written report evaluating the effectiveness of the program and presenting any suggestions for improving the program, to be submitted to the Governor no later than March 1 of each year; and
(6)
To promulgate rules, in accordance with the Arkansas Administrative Procedure Act, §
25-15-201
et seq., necessary to carry out the provisions of this subchapter.
Amended by Act 2019, No. 315,§ 1067, eff. 7/24/2019.
Acts 1993, No. 947, § 3; 1999, No. 1130, § 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 17 - ARKANSAS ENTERPRISE ZONE ACT OF 1993 (§§ 15-4-1701 — 15-4-1709) › Section 15-4-1705 - Projects under Manufacturer's Investment Sales and Use Tax Credit Act of 1985

(a)
(1)
No person or entity may file for benefits under this subchapter if an application for benefits has been filed and approved under the Economic Investment Tax Credit Act, §
26-52-701
et seq., for the same project.
(2)
However, an application for benefits under the Economic Investment Tax Credit Act, §
26-52-701
et seq., may be withdrawn if no tax credits have been taken under that subchapter.
(b)
(1)
When a project has been approved under the Economic Investment Tax Credit Act, §
26-52-701
et seq., no application for a project under this subchapter will be accepted until the expiration of one (1) year after the date of the approval of the application under the Economic Investment Tax Credit Act, §
26-52-701
et seq.
(2)
When a project has been approved under this subchapter, no application for projects under the Economic Investment Tax Credit Act, §
26-52-701
et seq., shall be accepted until the expiration of one (1) year after the date of approval of the application under this subchapter.
Acts 1993, No. 947, § 5; 1999, No. 1130, § 5.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 17 - ARKANSAS ENTERPRISE ZONE ACT OF 1993 (§§ 15-4-1701 — 15-4-1709) › Section 15-4-1709 - Exceptions

(a)
A county that does not qualify as a high-unemployment county, as defined in §
15-4-1702
, but has experienced a sudden and severe period of economic distress caused by the closing of a business entity that results in the loss of a minimum of five hundred (500) full-time permanent jobs or a minimum of five percent (5%) of the employed labor force, as determined by the most recent "Labor Market Information" publication published by the Division of Workforce Services, may be designated as a high-unemployment county by the Arkansas Economic Development Council.
(b)
The designation as a "high-unemployment county" shall be in effect for one (1) year after the closing of the business.
Amended by Act 2019, No. 910,§ 376, eff. 7/1/2019.
Acts 2001, No. 807, § 5.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 18 - MAJOR INDUSTRY FACILITIES INCENTIVE ACT (§§ 15-4-1801 — 15-4-1811) › Section 15-4-1801 - Title

This subchapter shall be known as the "Major Industry Facilities Incentive Act".
Acts 1993, No. 1165, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 18 - MAJOR INDUSTRY FACILITIES INCENTIVE ACT (§§ 15-4-1801 — 15-4-1811) › Section 15-4-1802 - Definitions

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 subdivision at which at least one hundred (100) people are employed and which is acquired or completed or substantially reconstructed or expanded after December 31, 1992;
(3)
"Political subdivision" means cities of the first class or cities of the second class and counties and any governmental entity created by them; and
(4)
"State income tax" means the Arkansas state income tax.
Acts 1993, No. 1165, § 2.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 18 - MAJOR INDUSTRY FACILITIES INCENTIVE ACT (§§ 15-4-1801 — 15-4-1811) › Section 15-4-1803 - Application for assistance generally

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 assistance in paying the debt service requirements, including principal, interest, and trustee's and paying agent's fees and charges, on bonds issued or to be issued by the state agency or political subdivision to finance all or a portion of the eligible facility and capital improvements related thereto and any amounts theretofore expended by the state agency or political subdivision from its revenues to acquire or construct the eligible facility and capital improvements related thereto, increased by an annual rate of interest equal to the average rate of interest to be paid on the bonds issued to finance the eligible facility.
Acts 1993, No. 1165, § 3.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 18 - MAJOR INDUSTRY FACILITIES INCENTIVE ACT (§§ 15-4-1801 — 15-4-1811) › Section 15-4-1804 - Application - Contents

(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 revenues to be derived as a result of the expenditures;
(5)
The expected expense, if any, to the state; and
(6)
Any other matters prescribed by the State Board of Finance.
(b)
Upon receipt of an application for state assistance, the board shall proceed promptly to review it and shall notify the applicant of any additional information needed for a proper evaluation of the application.
Acts 1993, No. 1165, §§ 4, 5.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 18 - MAJOR INDUSTRY FACILITIES INCENTIVE ACT (§§ 15-4-1801 — 15-4-1811) › Section 15-4-1805 - Application - Hearings

(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 newspaper of general circulation within the boundaries of the applicant, the publication to be not less than ten (10) calendar days prior to the hearing.
(2)
The notice shall describe generally the eligible facility for which state assistance has been requested and shall contain a brief description of the procedural steps to be taken in connection with the application and the financing of the eligible facility.
(c)
At the public hearing, representatives of the applicant and any other interested persons may appear and present evidence and argument in support of or in opposition to the application, and the board may present additional evidence.
Acts 1993, No. 1165, § 6.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 18 - MAJOR INDUSTRY FACILITIES INCENTIVE ACT (§§ 15-4-1801 — 15-4-1811) › Section 15-4-1806 - Application - Determination of eligibility

(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 eligible facility and that the financing of or repayment for such eligible facility through a combination of bonds of the applicant and state assistance under this subchapter is in the best interest of the applicant and the state, the application shall be approved.
(c)
In determining whether state assistance is in the best interest of the applicant and the state, the board shall consider:
(1)
The capacity of the applicant to issue bonds to finance the eligible facility;
(2)
The amount of additional state income tax revenues estimated to be derived from the eligible facility; and
(3)
The estimated principal and interest requirements for the bonds issued in connection with the eligible facility or amounts necessary to repay the investment by a state agency or political subdivision in the eligible facility.
Acts 1993, No. 1165, § 7.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 18 - MAJOR INDUSTRY FACILITIES INCENTIVE ACT (§§ 15-4-1801 — 15-4-1811) › Section 15-4-1807 - State assistance

(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 requested by the state agency or political subdivision and, on behalf of the state, shall enter into an agreement providing for the payment of the amount so fixed in quarterly payments and shall certify the amount to the Treasurer of State.
(b)
If the state agency or political subdivision issues two (2) or more issues of bonds to finance an eligible facility, the amount of state assistance shall be fixed separately for each issue.
(c)
The total amount of state assistance shall be fixed at no more than the additional state income tax revenues directly generated by the eligible facility.
(d)
It shall be a condition to any payments under this subchapter that the state agency or political subdivision has issued and has outstanding its bonds for the purpose of financing, in whole or in part, the eligible facility, but this shall not limit the provisions in this subchapter for repayment of a state agency's or political subdivision's investment heretofore made in an eligible facility.
(e)
The payments provided for in this subchapter shall be subject to the specific appropriation by the General Assembly and shall be for a term of not longer than two (2) years, but, subject to the appropriation by the General Assembly, shall be extended from time to time for additional terms of not to exceed two (2) years each.
Acts 1993, No. 1165, § 8.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 18 - MAJOR INDUSTRY FACILITIES INCENTIVE ACT (§§ 15-4-1801 — 15-4-1811) › Section 15-4-1808 - Major Industry Facilities Incentive Fund - Creation

(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 of general revenues as provided by law, deduct from the General Revenue Fund Account of the State Apportionment Fund an amount of money necessary to meet the quarterly payments to state agencies and political subdivisions provided for in this subchapter and shall credit them to the Major Industry Facilities Incentive Fund, and shall quarterly pay over the amounts to each state agency or political subdivision, provided that the General Assembly shall have appropriated funds for them.
(c)
(1)
The State Board of Finance shall certify to the Treasurer of State the amount of assistance to each state agency or political subdivision for paying debt service on the bonds issued to finance the eligible facility.
(2)
If it should be determined that overpayments were made to the entity, then the overpayments shall be recovered by reducing the succeeding fiscal year's entitlement by the overpayment.
Acts 1993, No. 1165, §§ 9-11.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 18 - MAJOR INDUSTRY FACILITIES INCENTIVE ACT (§§ 15-4-1801 — 15-4-1811) › Section 15-4-1809 - Payments

(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 to the payment or redemption of the bonds and to the payment of interest thereon.
(c)
When the bonds issued to finance the eligible facility are fully retired or the investment of the state agency or political subdivision of its revenues in the eligible facility has been repaid with accrued and accruing interest, any money then held by the trustee derived from the state assistance shall be returned to the Treasurer of State and deposited into the State Treasury as general revenues to the credit of the General Revenue Fund Account of the State Apportionment Fund, and future eligibility for that project shall be terminated.
Acts 1993, No. 1165, § 12.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 18 - MAJOR INDUSTRY FACILITIES INCENTIVE ACT (§§ 15-4-1801 — 15-4-1811) › Section 15-4-1810 - Suspension of local tax

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 subchapter in any year when money derived from state assistance under this subchapter or from other sources is available for payment of all or a portion of the debt service on the bonds.
Acts 1993, No. 1165, § 13.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 18 - MAJOR INDUSTRY FACILITIES INCENTIVE ACT (§§ 15-4-1801 — 15-4-1811) › Section 15-4-1811 - Pledge of state revenues prohibited

(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 issued pursuant to such agreements.
(b)
All payments to state agencies and political subdivisions under this subchapter are made subject to specific appropriations for such purpose and nothing in this subchapter or in any agreement entered into pursuant to this subchapter shall be construed to require the General Assembly to make any appropriation pursuant to this subchapter or such agreement or to prohibit the General Assembly from amending or repealing this subchapter at any time.
Acts 1993, No. 1165, § 14.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 19 - ARKANSAS ECONOMIC DEVELOPMENT ACT OF 1995 (§§ 15-4-1901 — 15-4-1908) › Section 15-4-1901 - Title

This subchapter may be referred to and cited as the "Arkansas Economic Development Act of 1995".
Acts 1995, No. 831, § 1.
Arkansas Code of 1987 (2023) › Title 15 - NATURAL RESOURCES AND ECONOMIC DEVELOPMENT (§§ 15-1-101 — 15-76-324) › Subtitle 1 - DEVELOPMENT OF ECONOMIC AND NATURAL RESOURCES GENERALLY (§§ 15-1-101 — 15-14-108) › Chapter 4 - DEVELOPMENT OF BUSINESS AND INDUSTRY GENERALLY (§§ 15-4-101 — 15-4-3910) › Subchapter 19 - ARKANSAS ECONOMIC DEVELOPMENT ACT OF 1995 (§§ 15-4-1901 — 15-4-1908) › Section 15-4-1904 - Qualifications

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 by the Arkansas Economic Development Commission and the business;
(3)
Expend at least five million dollars ($5,000,000) on the project covered by the financial incentive plan;
(4)
Agree to certify to the Department of Finance and Administration the number of net new full-time permanent employees and the average hourly wage of the net new full-time permanent employees once the number of net new full-time permanent employees reaches one hundred (100); and
(5)
Agree to certify to the department within thirty (30) days after the number of net new full-time permanent employees falls below one hundred (100) or the average hourly wage falls below the amount specified in the financial incentive plan.
Acts 1995, No. 831, § 4; 1997, No. 807, § 16; 1999, No. 575, § 3.