Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally

§ 15-3-110. Power to promote basic and applied research at Arkansas colleges and universities - (a) The Director of the Arkansas Economic Development Commission may...

§ 15-3-111. Additional powers - The Director of the Arkansas Economic Development Commission shall have...

§ 15-3-112. Prohibition on personal interest in contracts - (a) No director, officer, or employee of the Division of...

§ 15-3-113. Studies, planning, and recommendations — Cooperation with other agencies - (a) The Division of Science and Technology of the Arkansas...

§ 15-3-114. Use of land, buildings, or facilities for science and high technology - The Arkansas Economic Development Commission, with the advice of the...

§ 15-3-115. Pledging of credit - The Division of Science and Technology of the Arkansas Economic...

§ 15-3-116. Deposit of moneys — Audit - (a) All moneys coming into the hands of the Division...

§ 15-3-117. Use of revenues — Assistance to minority businesses - (a) The Arkansas Economic Development Commission is authorized to use...

§ 15-3-122. Purchase of qualified securities — Prerequisites — Advisory committees - (a) The Arkansas Economic Development Commission may utilize moneys as...

§ 15-3-123. Annual report - Unless and until otherwise provided, the Arkansas Economic Development Commission...

§ 15-3-130. Centers for applied technology — Definition - For the purposes of this section and §§ 15-3-131 —...

§ 15-3-131. Centers for applied technology — Authority to designate - In order to encourage greater collaboration between private enterprises and...

§ 15-3-132. Centers for applied technology — Criteria — Designation - (a) The Division of Science and Technology of the Arkansas...

§ 15-3-133. Centers for applied technology — Advisory committees - (a) In carrying out its functions under this section, §§...

§ 15-3-134. Centers for applied technology — Disposition of funds - Any moneys lawfully available to the Arkansas Economic Development Commission...

§ 15-3-135. Promotion of scientific, medical, and technological jobs and infrastructure enhancements — Definition - (a) As used in this section, “qualified medical company” means...

Subchapter 2 - Arkansas Research Matching Fund

§ 15-3-201. Legislative intent - A national ranking of Arkansas's research performance in comparison with...

§ 15-3-202. Creation - (a) There is created the Arkansas Research Matching Fund. (b)...

§ 15-3-203. Administration - (a) In order to obtain moneys from the Arkansas Research...

§ 15-3-204. Disbursement of funds - (a) The matching funds authorized by this subchapter are to...

§ 15-3-205. Funds for match - Funds used under the provisions of this subchapter shall adhere...

§ 15-3-206. Reporting - The Arkansas Economic Development Commission shall present to the Governor's...

§ 15-3-207. Prohibition - None of the moneys appropriated by the General Assembly for...

§ 15-3-208. Rules - The Arkansas Economic Development Commission has the authority to establish...

Subchapter 3 - Arkansas Research Alliance Act

§ 15-3-301. Title - This subchapter shall be known and may be cited as...

§ 15-3-302. Legislative intent - The General Assembly finds: (1) Economic growth and development in...

§ 15-3-303. Definitions - As used in this subchapter: (1) “Job-creating research” means basic...

§ 15-3-304. Collaboration of Arkansas Economic Development Commission with research universities and private business sector representatives - (a) The Arkansas Economic Development Commission may work with the...

§ 15-3-305. Areas of collaboration - The Arkansas Economic Development Commission may recommend that a research...

§ 15-3-306. Contracting with research alliance - (a) In order to assist a research alliance in achieving...

Subchapter 4 - Postdoctoral Science and Engineering Grant Program for Economic Development and Knowledge-Based Job Growth

§ 15-3-401. Legislative intent - It is the intent of the General Assembly: (1) To...

§ 15-3-402. Application for funding - (a) The Arkansas Economic Development Commission shall make available forms...

§ 15-3-403. Eligibility for grants - To qualify for a grant authorized under § 15-3-404, a...

§ 15-3-404. Authorization of grants - (a) If an applicant meets the requirements of § 15-3-403,...

§ 15-3-405. Rules - (a) The Arkansas Economic Development Commission, through the promulgation of...

Subchapter 5 - Arkansas Acceleration Fund Act

§ 15-3-501. Title - This subchapter shall be known and may be cited as...

§ 15-3-502. Legislative intent - (a) The General Assembly finds that in October 2008 the...

§ 15-3-503. Advice and recommendations - (a) The Board of Directors of the Division of Science...

Subchapter 6 - Arkansas Business and Technology Accelerator Act

§ 15-3-601. Title - This subchapter shall be known and may be cited as...

§ 15-3-602. Legislative findings - The General Assembly finds that: (1) Corporate growth requires the...

§ 15-3-603. Definitions - As used in this subchapter: (1) “Business and technology accelerator”...

§ 15-3-604. Administration - (a) (1) The Arkansas Business and Technology Accelerator Grant Program...

§ 15-3-605. Application requirements - (a) To request a business and technology accelerator grant under...

§ 15-3-606. Business and technology accelerator grant awards - (a) A business and technology accelerator grant awarded under this...

§ 15-3-607. Program funding - Business and technology accelerator grants awarded under this subchapter are...

§ 15-3-608. Rules - The Division of Science and Technology of the Arkansas Economic...

Subchapter 7 - Arkansas Small Business Innovation Research Matching Grant Program

§ 15-3-701. Title - This subchapter shall be known and may be cited as...

§ 15-3-702. Legislative findings - The General Assembly finds that: (1) The federal Small Business...

§ 15-3-703. Definitions - As used in this subchapter: (1) “Eligible business” means a...

§ 15-3-704. Administration - (a) (1) The Arkansas Small Business Innovation Research Matching Grant...

§ 15-3-705. Eligibility - (a) To be eligible for a matching grant under this...

§ 15-3-706. Application requirements - (a) To request a matching grant under this subchapter, an...

§ 15-3-707. Matching grant awards - (a) A matching grant awarded under this subchapter: (1) Shall...

§ 15-3-708. Program funding - Matching grants awarded under this subchapter are limited by the...

§ 15-3-709. Rules - The Division of Science and Technology of the Arkansas Economic...

Chapter 4 - Development Of Business And Industry Generally

Subchapter 1 - General Provisions

§ 15-4-101. Title - This act shall be referred to and may be cited...

§ 15-4-102. Construction - (a) This section and §§ 15-4-101, 15-4-201 — 15-4-204, 15-4-206,...

§ 15-4-103. Registration of community development corporations — Definition - (a) As used in this section, “qualified community development corporation”...

§ 15-4-104. Bond guaranty programs for employee stock purchases - (a) When an Arkansas-based employee stock ownership plan buys at...

Subchapter 2 - Arkansas Economic Development Council

§ 15-4-201. Arkansas Economic Development Council — Creation - There is created and established at the seat of government...

§ 15-4-202. Arkansas Economic Development Council — Members - (a) (1) The Arkansas Economic Development Council shall consist of...

§ 15-4-203. Arkansas Economic Development Council — Organization and meetings - (a) (1) The Arkansas Economic Development Council shall select a...

§ 15-4-204. Arkansas Economic Development Council — Functions, powers, and duties - (a) The Arkansas Economic Development Council may serve in an...

§ 15-4-205. Arkansas Economic Development Commission — Status and purpose - (a) The Arkansas Economic Development Commission is the state agency...

§ 15-4-206. Arkansas Economic Development Commission — Director - (a) (1) The Director of the Arkansas Economic Development Commission...

§ 15-4-209. Arkansas Economic Development Commission — Functions, powers, and duties - (a) In accordance with state and federal law, the Arkansas...

§ 15-4-210. Arkansas Economic Development Commission — Foreign operation — Reports - (a) The Arkansas Economic Development Commission may engage the services...

§ 15-4-219. Annual report - The Arkansas Economic Development Commission shall present a report annually...

§ 15-4-220. Audit of economic incentive programs - (a) In order to provide information to the General Assembly...

Subchapter 3 - Minority and Women-Owned Business Economic Development Act

§ 15-4-301. Title - This subchapter shall be known and may be cited as...

§ 15-4-302. Purpose — Goals — Notice - (a) The General Assembly finds that it is the policy...

§ 15-4-303. Definitions - As used in this subchapter: (1) (A) “Exempt” means goods...

§ 15-4-304. Creation - The Division of Minority and Women-owned Business Enterprise of the...

§ 15-4-305. Administrator - (a) The head of the Division of Minority and Women-owned...

§ 15-4-306. Duties - The Division of Minority and Women-owned Business Enterprise of the...

§ 15-4-307. Minority and Women-owned Business Advisory Council - (a) The Division of Minority and Women-owned Business Enterprise of...

§ 15-4-308. Administration - (a) The Division of Minority and Women-owned Business Enterprise of...

§ 15-4-309. Exempt contracts - Upon the approval of the Minority and Women-owned Business Advisory...

§ 15-4-310. Minority and women-owned business officer - (a) Each state agency shall designate an individual as its...

§ 15-4-311. Annual minority and women-owned purchasing plan - (a) Prior to June 30 each year, each state agency...

§ 15-4-312. State agencies to submit reports - Within fifteen (15) days of the close of each six-month...

§ 15-4-313. Accelerated payments - To ensure that minority business enterprises and women-owned business enterprises...

§ 15-4-314. Minority business enterprises and women-owned business enterprises certification process - (a) The Division of Minority and Women-owned Business Enterprise of...

§ 15-4-315. Small procurements - To assist the state in ensuring that the percentages of...

Subchapter 4 - Jobs Creation by Stimulating Small Business Growth Act of 1985

§ 15-4-401. Title - This subchapter shall be known and may be cited as...

§ 15-4-402. Legislative findings and purpose - The General Assembly finds that: (1) It would be in...

§ 15-4-403. Definitions - As used in this subchapter: (1) “Council” means the Arkansas...

§ 15-4-404. Promulgation of rules generally - The Arkansas Economic Development Council shall promulgate rules and procedures...

§ 15-4-405. Companies qualified for loan application and sale — Apportioning available funds - (a) Any small business investment company which qualifies and is...

§ 15-4-406. Authority to issue revenue bonds — Loan funds - To stimulate the flow of private funds for capital improvements...

§ 15-4-407. Limits on bond issuance and loan purchases - (a) The Arkansas Economic Development Council is authorized and empowered...

§ 15-4-408. Prerequisites to issuance - Before the Arkansas Economic Development Council shall issue its revenue...

§ 15-4-409. Authorizing resolution and trust indenture - (a) Before revenue bonds shall be issued, the Arkansas Economic...

§ 15-4-410. Issuance and redemption procedures - (a) The bonds to be issued by the Arkansas Economic...

§ 15-4-411. Security - (a) The principal of, interest on, and trustees' and paying...

§ 15-4-412. Expenses - The Arkansas Economic Development Council may require the small business...

§ 15-4-413. Tax exemption - Bonds issued under the provisions of this subchapter and the...

§ 15-4-414. No personal liability - Neither the members of the Arkansas Economic Development Council nor...

§ 15-4-415. Authority to use bond proceeds - The Arkansas Economic Development Council, acting through the Division of...

§ 15-4-416. Deposit and use of revenues - (a) All revenues received by the Division of Minority Business...

Subchapter 5 - Industrial Development Corporations

§ 15-4-501. Purpose — Incorporators - In order to encourage and promote the economic, agricultural, and...

§ 15-4-502. Articles of incorporation — Contents - (a) The articles of incorporation shall state: (1) The name...

§ 15-4-503. Articles — Signatures and acknowledgment of incorporators - The original copy of the articles of incorporation shall be...

§ 15-4-505. Articles — Filing - (a) The original executed articles of incorporation shall be filed...

§ 15-4-506. Beginning of corporate existence - (a) Upon the issuance of a certificate of incorporation by...

§ 15-4-507. Meeting - (a) After the issuance of the certificate of incorporation, an...

§ 15-4-508. Filing corrected articles of incorporation - (a) In the event any corporation has filed defective articles...

§ 15-4-509. Corporate powers - Each corporation organized under this act shall have power: (1)...

§ 15-4-510. Bylaws - (a) The power to make, alter, amend, or repeal the...

§ 15-4-511. Amendments to articles of incorporation - (a) A corporation organized under this act may amend its...

§ 15-4-512. Filing charges - The Secretary of State shall charge and collect for: (1)...

§ 15-4-513. Nonprofit operation — Payment of indebtedness - (a) (1) Each corporation organized under the provisions of this...

§ 15-4-514. Authority to borrow money, issue bonds, etc - (a) Each corporation organized under this act is authorized to...

§ 15-4-515. Exemption from Arkansas Securities Act - Whenever any corporation organized under this act borrows money, the...

§ 15-4-517. Bond issue — Terms - (a) (1) Bonds, notes, or other obligations issued under the...

§ 15-4-518. Security for bonds - (a) (1) Such bonds, notes, or other obligations as may...

§ 15-4-520. Excess funds - (a) Any funds remaining with the corporation in excess of...

§ 15-4-521. Sale of obligations - (a) Obligations of the corporation may be sold at public...

§ 15-4-522. Refunding obligations - (a) Any corporation organized under this act shall have the...

§ 15-4-523. Authorized investors - (a) Any city or town in this state or any...

§ 15-4-524. Tax exemptions - Interest on bonds or other obligations issued in accordance with...

§ 15-4-525. Dissolution - (a) Any corporation organized under this act, after the payment...

Subchapter 6 - Industrial Revenue Bond Guaranty Law

§ 15-4-601. Title - This subchapter shall be referred to and may be designated...

§ 15-4-602. Definitions - As used in this subchapter: (1) “Act No. 9 bonds”...

§ 15-4-603. Arkansas Economic Development Council empowered to grant or deny guaranty bonds - The Arkansas Economic Development Council, called the “council”, in addition...

§ 15-4-604. When bonds may be guaranteed — Standards and rules for evaluations - (a) Amortization payments on Act No. 9 bonds and ADFA...

§ 15-4-605. Revenue Bond Guaranty Reserve Account — Investment of funds - (a) The Arkansas Economic Development Council is authorized to: (1)...

§ 15-4-606. Evidence to support guaranty — Review of applications - (a) (1) (A) Each county or municipality requesting a guaranty...

§ 15-4-607. Power to accept grants - The Arkansas Economic Development Council is authorized to accept grants...

§ 15-4-608. Guaranty agreement provisions - Guaranty agreements entered into by the Arkansas Economic Development Council...

§ 15-4-609. Rules - (a) The Arkansas Economic Development Council is authorized and directed...

Subchapter 7 - Industrial Development Guaranty Bond Act

§ 15-4-701. Title - This subchapter shall be known and may be cited as...

§ 15-4-702. Authority to use Arkansas Economic Development Council moneys if account is insufficient - If the Arkansas Economic Development Council shall at any time...

§ 15-4-703. Authority to issue bonds — Arkansas Economic Development Council determinations - (a) If at the time there are no other available...

§ 15-4-704. Authorizing resolution — Bond issuance, form, and contents - (a) The bonds shall be authorized by resolution of the...

§ 15-4-705. Trust indenture - (a) The resolution authorizing the issuance of bonds may provide...

§ 15-4-706. Execution and delivery of bonds - (a) The bonds shall be executed by the facsimile signature...

§ 15-4-707. Temporary notes or bonds - Temporary notes or bonds conforming generally to the provisions of...

§ 15-4-708. Sale of bonds - (a) The bonds shall be sold at public sale on...

§ 15-4-709. Arkansas Economic Development Council obligations — Deposit of revenues and net proceeds - (a) All bonds issued under this subchapter shall be obligations...

§ 15-4-710. Notice to State Board of Finance — Disposition of bond debt service amount - (a) The Arkansas Economic Development Council shall notify the State...

Subchapter 8 - Arkansas Enterprise Zone Act of 1989

§ 15-4-801 — 15-4-815. [Expired.] - A.C.R.C. Notes. The practical application of §§ 15-4-801 — 15-4-815...

Subchapter 12 - County and Regional Industrial Development Company Act

§ 15-4-1201. Title - This subchapter shall be referred to and may be cited...

§ 15-4-1202. Definitions - As used in this subchapter: (1) “Bank Commissioner” means the...

§ 15-4-1203. Liberal construction - (a) This subchapter shall be construed liberally. (b) The enumeration...

§ 15-4-1204. Application for preliminary approval - Any five (5) or more qualified natural persons who shall...

§ 15-4-1205. Preliminary approval - (a) If the Bank Commissioner is satisfied that the applicants...

§ 15-4-1206. Organization - Upon receipt of such certificate of preliminary approval, the applicants...

§ 15-4-1207. Liability of directors, officers, managers, and members - The directors and officers of a corporation organized under the...

§ 15-4-1208. Certificate of organization - (a) When the applicants have completed the organization of the...

§ 15-4-1209. Final investigation and approval by the board - (a) (1) Immediately upon the filing of the certificate of...

§ 15-4-1210. Commencement and continuation of existence - (a) Upon the issuance of the certificate of incorporation or...

§ 15-4-1211. Articles of incorporation or articles of organization - (a) The articles of incorporation for any corporation or the...

§ 15-4-1212. Amendment to articles of incorporation or articles of organization - (a) A company organized under the provisions of this subchapter...

§ 15-4-1213. Management of company - (a) (1) Only the holders of common stock, through the...

§ 15-4-1214. Powers of the company - (a) The purposes of each company organized under the provisions...

§ 15-4-1215. Dividends and distributions - (a) The directors of a corporation, subject to such limitations...

§ 15-4-1216. Bonds and notes of the company - (a) (1) From time to time as the conduct of...

§ 15-4-1217. Authority of other corporations and financial institutions - Notwithstanding any rule at common law or any provision of...

§ 15-4-1218. Member financial institutions — Loan limits - (a) Any financial institution may request membership in the company...

§ 15-4-1219. Withdrawal of members - (a) (1) Membership in a company shall be for an...

§ 15-4-1220. Exemption for securities - (a) (1) The stock, units of interest, notes, debentures, bonds,...

§ 15-4-1221. Obligations as negotiable instruments - All bonds, notes, debentures, and other obligations of a company...

§ 15-4-1222. Eligibility for certain investments - Any city or town in this state or any board,...

§ 15-4-1223. Exemption from certain taxes - (a) (1) County or regional industrial development companies shall be...

§ 15-4-1225. Loan policy - (a) A company organized under the provisions of this subchapter...

§ 15-4-1226. Supervision of companies - (a) (1) Each company organized under the provisions of this...

§ 15-4-1227. Dissolution of company - (a) Any company organized under this subchapter, after the payment...

§ 15-4-1228. Investigations by Bank Commissioner or Securities Commissioner — Injunctions - (a) The Bank Commissioner may investigate, either upon complaint or...

Subchapter 14 - Inventors' Assistance Act

§ 15-4-1401. Title - This subchapter shall be known and may be cited as...

§ 15-4-1402. Definitions - As used in this subchapter: (1) “Center” means the Center...

§ 15-4-1403. Prototype development center — Objectives of program - (a) The Board of Trustees of the University of Arkansas,...

§ 15-4-1404. Authority of board - (a) The Board of Trustees of the University of Arkansas,...

§ 15-4-1405. Annual report - (a) The Center for Prototype Development and Emerging Technologies shall...

§ 15-4-1406. Fees — Review of proposals - (a) The Center for Prototype Development and Emerging Technologies shall...

§ 15-4-1407. Product development — Contracts - (a) (1) If a proposal is accepted for product development,...

§ 15-4-1408. Inventors' Assistance Program Fund - There is established on the books of the Treasurer of...

Subchapter 16 - Arkansas Economic Development Incentive Act of 1993

§ 15-4-1601. Title - This subchapter may be referred to and cited as the...

§ 15-4-1602. Definitions - As used in this subchapter: (1) “Annual payroll” means the...

§ 15-4-1603. Economic Development Incentive Fund - There is established on the books of the Treasurer of...

§ 15-4-1604. Powers and duties of the Arkansas Economic Development Commission - The Arkansas Economic Development Commission shall administer the provisions of...

§ 15-4-1605. Qualifications - To qualify for the benefits of this subchapter, the entity...

§ 15-4-1606. Limitations - The following limitations shall apply to all financial incentive plans...

§ 15-4-1607. Transfer of funds - After the Department of Finance and Administration has received the...

§ 15-4-1608. Verification - (a) The Department of Finance and Administration shall have the...

§ 15-4-1609. Effect of participation - Receiving benefits pursuant to this subchapter will preclude a business...

Subchapter 17 - Arkansas Enterprise Zone Act of 1993

§ 15-4-1701. Title - This subchapter may be referred to and cited as the...

§ 15-4-1702. Definitions - As used in this subchapter: (1) (A) “Average hourly wage”...

§ 15-4-1703. Powers and duties of the Arkansas Economic Development Commission - The Arkansas Economic Development Commission shall administer the provisions of...

§ 15-4-1704. Refund of sales and use tax — Tax credit - (a) (1) The Revenue Division of the Department of Finance...

§ 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...

§ 15-4-1709. Exceptions - (a) A county that does not qualify as a high-unemployment...

Subchapter 18 - Major Industry Facilities Incentive Act

§ 15-4-1801. Title - This subchapter shall be known as the “Major Industry Facilities...

§ 15-4-1802. Definitions - As used in this subchapter: (1) “Bonds” means revenue bonds...

§ 15-4-1803. Application for assistance generally - Any state agency or political subdivision that has acquired or...

§ 15-4-1804. Application — Contents - (a) All applications for state assistance under this subchapter shall...

§ 15-4-1805. Application — Hearings - (a) After reviewing the application and upon reasonable notice to...

§ 15-4-1806. Application — Determination of eligibility - (a) After consideration of the application and conclusion of the...

§ 15-4-1807. State assistance - (a) If the application is approved, the State Board of...

§ 15-4-1808. Major Industry Facilities Incentive Fund — Creation - (a) There is created on the books of the Treasurer...

§ 15-4-1809. Payments - (a) Payments of state assistance to state agencies and political...

§ 15-4-1810. Suspension of local tax - Any state agency or political subdivision entering into an agreement...

§ 15-4-1811. Pledge of state revenues prohibited - (a) Nothing in this subchapter shall be construed as authorizing...

Subchapter 19 - Arkansas Economic Development Act of 1995

§ 15-4-1901. Title - This subchapter may be referred to and cited as the...

§ 15-4-1902. Definitions - As used in this subchapter: (1) (A) “Average hourly wage”...

§ 15-4-1903. Powers and duties of the Arkansas Economic Development Commission - The Arkansas Economic Development Commission shall administer the provisions of...

§ 15-4-1904. Qualifications - To qualify for the benefits of this subchapter, the business...

§ 15-4-1905. Financial incentive plan - The financial incentive plan shall: (1) Specify the tax incentives...

§ 15-4-1906. Refund of sales and use tax — Income tax credit - (a) (1) The Revenue Division of the Department of Finance...

§ 15-4-1907. Verification - (a) The Department of Finance and Administration shall have the...

§ 15-4-1908. Effect of participation - Receiving benefits for a project pursuant to this subchapter will...

Subchapter 20 - Digital Product and Motion Picture Industry Development Act of 2009

§ 15-4-2001. Short title - This subchapter may be referred to and cited as the...

§ 15-4-2002. Legislative intent - It is the intent of the General Assembly to assist...

§ 15-4-2003. Definitions - As used in this subchapter: (1) “Application for rebate” means...

§ 15-4-2004. Requirement for registration - (a) A production company that plans to operate within the...

§ 15-4-2005. Production rebate - (a) (1) The Director of the Arkansas Economic Development Commission...

§ 15-4-2006. Postproduction rebate - (a) (1) The Director of the Arkansas Economic Development Commission...

§ 15-4-2007. Application for rebate - (a) (1) To apply for the rebates provided under this...

§ 15-4-2008. Disbursement of rebate incentive - (a) The Revenue Division of the Department of Finance and...

§ 15-4-2009. Penalties - (a) A production company that intends to apply for the...

§ 15-4-2010. Rules - The Arkansas Economic Development Commission shall promulgate appropriate rules to...

§ 15-4-2011. Sunset - The opportunity for a rebate provided by this subchapter shall...

Subchapter 23 - Arkansas Public Roads Improvements Credit Act

§ 15-4-2301. Title - This subchapter may be referred to and cited as the...

§ 15-4-2302. Legislative intent - The General Assembly finds and declares that: (1) The state's...

§ 15-4-2303. Definitions - As used in this subchapter: (1) “Capital improvements” means capital...

§ 15-4-2304. Approval of projects - Governing authorities may apply to the Director of the Arkansas...

§ 15-4-2305. Public Roads Incentive Fund - (a) There is established on the books of the Treasurer...

§ 15-4-2306. Tax credit - (a) A taxpayer shall be entitled to a credit against...

§ 15-4-2307. Powers and duties of the Arkansas Economic Development Commission - The Arkansas Economic Development Commission shall administer the provisions of...

Subchapter 24 - Steel Manufacturers' Tax Exemptions and Credits

§ 15-4-2401. Definitions - As used in this subchapter: (1) “Invested” includes, but is...

§ 15-4-2402. Certification required - To claim the benefits of this subchapter, a taxpayer must...

§ 15-4-2403. Exemption from taxes - Sales of natural gas and electricity to taxpayers qualified to...

§ 15-4-2404. Net operating loss deduction — Carry forward - (a) Taxpayers qualified for the benefits of this subchapter and...

§ 15-4-2405. Extension of recycling tax credit — Postconsumer waste - (a) (1) A qualified manufacturer of steel which has been...

§ 15-4-2406. Refund of recycling tax credit - (a) (1) In the case of a qualified manufacturer of...

§ 15-4-2407. Apportionment of credit amount - In the case of a qualified manufacturer of steel as...

Subchapter 25 - Small Business Loan Collaboration Program

§ 15-4-2501. Definitions - As used in this subchapter: (1) “Commission” means the Arkansas...

§ 15-4-2502. Fifty-percent loan subsidy program - (a) The Arkansas Economic Development Commission shall institute a program...

§ 15-4-2503. Lender application — Approval - (a) Any community lender that desires to seek participating loans...

§ 15-4-2504. Supporting documents - Each community lender requesting a participating loan shall submit to...

§ 15-4-2505. Duty to seek collaboration - The Arkansas Economic Development Commission shall: (1) Actively seek support...

§ 15-4-2506. Rules - The Arkansas Economic Development Commission shall promulgate rules to implement...

Subchapter 27 - Consolidated Incentive Act of 2003

§ 15-4-2701. Legislative intent - (a) The General Assembly recognizes that job creation and capital...

§ 15-4-2702. Title - This subchapter shall be known and may be cited as...

§ 15-4-2703. Definitions - As used in this subchapter: (1) “Applied research” means any...

§ 15-4-2704. Tier system - (a) The Arkansas Economic Development Commission shall establish a tier...

§ 15-4-2705. Job-creation tax credit - (a) There is established a job-creation tax credit to encourage:...

§ 15-4-2706. Investment tax incentives - (a) There are established investment tax incentives to: (1) Encourage...

§ 15-4-2707. Economic Development Incentive Fund — Payroll rebate - (a) There is established on the books of the Treasurer...

§ 15-4-2708. Research and development tax credits - (a) (1) (A) Eligible businesses that have not previously been...

§ 15-4-2709. Targeted business special incentive - (a) A special incentive based on the payroll of targeted...

§ 15-4-2710. Powers and duties of the Arkansas Economic Development Commission - The Arkansas Economic Development Commission shall administer this subchapter and...

§ 15-4-2711. Administration - (a) A person claiming credit under § 15-4-2706(c) is a...

§ 15-4-2712. Restrictions - (a) Except as provided in subsection (b) of this section,...

Subchapter 28 - Biodiesel Incentive Act

§ 15-4-2801. Title - This subchapter shall be known and may be cited as...

§ 15-4-2802. Definitions - As used in this subchapter: (1) “Biodiesel fuel” means a...

§ 15-4-2803. Tax credit for biodiesel suppliers - (a) There shall be allowed a credit against the income...

Subchapter 30 - Arkansas General Obligation Economic Development Superprojects Bond and Project Funding Act

§ 15-4-3001. Title - This subchapter may be referred to and cited as the...

§ 15-4-3002. Legislative findings - The General Assembly finds that: (1) Independent studies have confirmed...

§ 15-4-3003. Definitions - As used in this subchapter: (1) “Authority” means the Arkansas...

§ 15-4-3004. Authority to issue bonds - (a) (1) The Arkansas Development Finance Authority, exercising an essential...

§ 15-4-3005. State of Arkansas Economic Development General Obligation Bonds - (a) The Arkansas Development Finance Authority may issue bonds of...

§ 15-4-3006. Qualification as a superproject - (a) (1) To qualify as a superproject, the investment and...

§ 15-4-3007. Series of bonds - (a) The bonds shall be issued in series in amounts...

§ 15-4-3008. Purpose of bonds - (a) Bonds shall be issued for the purpose of financing...

§ 15-4-3009. Authorization of bonds - (a) (1) The bonds shall be authorized by resolution of...

§ 15-4-3010. Form and delivery of bonds - (a) Each bond shall: (1) Be signed with the manual...

§ 15-4-3011. Sale and price of bonds - (a) The bonds may be sold in the manner, either...

§ 15-4-3012. Deposit of bond proceeds - (a) The proceeds from the sale of the bonds, together...

§ 15-4-3013. Powers of the Arkansas Economic Development Commission - In addition to powers conferred under other laws, the Arkansas...

§ 15-4-3014. General obligations bonds - (a) The bonds shall be direct general obligations of the...

§ 15-4-3015. Annual determination of moneys required for bond repayment - (a) (1) On or before commencement of each fiscal year,...

§ 15-4-3016. Exemption from taxes - (a) All bonds issued under this subchapter and interest on...

§ 15-4-3017. Refunding bonds - (a) (1) Bonds may be issued under this subchapter for...

§ 15-4-3018. Contractual obligations of state — Enforcement - (a) This subchapter shall constitute a contract between the state...

§ 15-4-3019. No rights until first series of bonds sold and delivered — Outstanding bonds unaffected - (a) This subchapter shall not create any right of any...

§ 15-4-3020. Consent by qualified electors to issue bonds - (a) No bonds shall be issued under this subchapter except...

§ 15-4-3021. Vote on issuance of bonds by qualified electors - (a) If a majority of the qualified electors voting on...

§ 15-4-3022. Legal actions heard as preferred cause — Appeals - Any case involving the validity of this subchapter or involving...

§ 15-4-3023. Construction - This subchapter shall: (1) Be liberally construed to accomplish its...

Subchapter 32 - Arkansas Amendment 82 Implementation Act

§ 15-4-3201. Title - This subchapter shall be known and may be cited as...

§ 15-4-3202. Definitions - As used in this subchapter: (1) “Amendment 82 agreement” means...

§ 15-4-3203. Amendment 82 project qualification - (a) (1) (A) In exercising its responsibilities under Arkansas Constitution,...

§ 15-4-3204. Amendment 82 agreement - As soon as practicable after the General Assembly's approval of...

§ 15-4-3205. Penalties - The sponsor shall be subject to specific penalties set forth...

§ 15-4-3206. Compliance time period — Audit requirements - (a) (1) The Amendment 82 agreement shall specify a time...

§ 15-4-3207. Bond principal - Amendment 82 bonds may be issued to: (1) Finance project...

§ 15-4-3208. Amendment 82 bonds - (a) After the General Assembly's approval in regular session, fiscal...

§ 15-4-3209. Series of bonds - (a) The bonds shall be issued, whether or not the...

§ 15-4-3210. Authorization of bonds - (a) (1) Prior to the issuance of any series of...

§ 15-4-3211. Form and delivery of bonds - (a) Each bond shall: (1) Be signed with the manual...

§ 15-4-3212. Sale and price of bonds - (a) The bonds may be sold in the manner, either...

§ 15-4-3213. Deposit of bond proceeds - (a) The proceeds from the sale of the bonds, together...

§ 15-4-3214. General obligation bonds - (a) The bonds shall be direct general obligations of the...

§ 15-4-3215. Annual determination of moneys required for bond repayment - (a) (1) On or before commencement of each fiscal year,...

§ 15-4-3216. Exemption from taxes — Eligible to secure deposits — Legal for investment - (a) All bonds issued under Arkansas Constitution, Amendment 82, and...

§ 15-4-3217. Refunding bonds - (a) After bonds have been issued under Arkansas Constitution, Amendment...

§ 15-4-3218. Contractual obligations of state — Enforcement - (a) This subchapter shall constitute a contract between the state...

§ 15-4-3219. No rights until first series of bonds sold and delivered — Outstanding bonds unaffected - (a) This subchapter shall not create any right of any...

§ 15-4-3220. Legal actions heard as preferred cause — Appeals - Any case involving the validity of this subchapter or involving...

§ 15-4-3221. Monitoring and reporting - (a) The Arkansas Economic Development Commission shall require audits of...

§ 15-4-3222. Release of information - (a) (1) Except as otherwise required to be disclosed under...

§ 15-4-3223. Power and duties of the Arkansas Economic Development Commission and the Arkansas Development Finance Authority - (a) In connection with their duties and powers under this...

§ 15-4-3224. Public reporting requirements - (a) The reports delivered to the General Assembly under §...

Subchapter 33 - Equity Investment Incentive Act of 2007

§ 15-4-3301. Title - This subchapter shall be known and may be cited as...

§ 15-4-3302. Equity investment incentives — Creation — Purpose — Tax credit - (a) Equity investment incentives in the form of tax credits...

§ 15-4-3303. Eligibility for equity investment incentive - (a) Eligibility for the equity investment incentive tax credit under...

§ 15-4-3304. Application for an equity investment incentive tax credit - (a) A business that seeks eligibility for an equity investment...

§ 15-4-3305. Award of an equity investment incentive tax credit - (a) A person or company that purchases an equity interest...

§ 15-4-3306. Rules - The Arkansas Economic Development Commission and the Arkansas Development Finance...

§ 15-4-3307. Definition - As used in this subchapter, “convertible financing structure” means an...

Subchapter 34 - Regional Economic Development Partnership Act

§ 15-4-3401. Title - This subchapter shall be known and may be cited as...

§ 15-4-3402. Legislative intent - The General Assembly finds that: (1) The support of regional...

§ 15-4-3403. Definitions - As used in this subchapter: (1) “Economic development region” means...

§ 15-4-3404. Regional economic development partnerships — Board of directors - (a) A regional economic development partnership shall satisfy the following...

§ 15-4-3405. Application - (a) An entity shall not be recognized as a regional...

§ 15-4-3406. Termination - (a) A board of directors of a regional economic development...

§ 15-4-3407. State funding - (a) (1) Each regional economic development partnership shall enter into...

§ 15-4-3408. Matching funds - (a) A regional economic development partnership shall match the state...

§ 15-4-3409. Eligible uses of state funds - State funds under this subchapter shall be used only for...

§ 15-4-3410. Ineligible uses of state funds - (a) State funds under this subchapter shall not be used...

§ 15-4-3411. Annual reports - (a) A regional economic development partnership that receives state funding...

§ 15-4-3412. Administration — Rules - The Arkansas Economic Development Commission shall administer this subchapter and...

Subchapter 35 - Incentives for Major Maintenance and Improvement Projects

§ 15-4-3501. Increased tax refund for major maintenance and improvement projects - (a) A taxpayer that is eligible for a refund of...

Subchapter 36 - New Markets Jobs Act of 2013

§ 15-4-3601. Title - This subchapter shall be known and may be cited as...

§ 15-4-3602. Definitions - As used in this subchapter: (1) “Applicable percentage” means: (A)...

§ 15-4-3603. New market tax credit - (a) A corporation, limited liability company, association, partnership, or other...

§ 15-4-3604. Transferability - (a) A tax credit claimed under this subchapter shall not...

§ 15-4-3605. Certification of qualified equity investments - (a) (1) (A) (i) A qualified community development entity that...

§ 15-4-3606. Letter rulings - (a) Subject to the requirements and limitations of this section,...

§ 15-4-3607. Recapture - The Arkansas Economic Development Commission shall recapture the tax credit...

§ 15-4-3608. Cure period — Notice of noncompliance - (a) Enforcement of each of the recapture provisions under §...

§ 15-4-3609. Refundable performance fee - (a) A qualified community development entity that seeks to have...

§ 15-4-3610. Retaliatory tax - (a) An entity claiming a tax credit under this subchapter...

§ 15-4-3611. Decertification - (a) (1) If a qualified equity investment is certified under...

§ 15-4-3612. Reports - (a) (1) A qualified community development entity that issues a...

§ 15-4-3613. Revenue impact assessment - (a) (1) Before making a qualified low-income community investment, a...

§ 15-4-3614. Rules - The Arkansas Economic Development Commission shall promulgate rules to implement...

Subchapter 37 - Arkansas Workforce Innovation and Opportunity Act

§ 15-4-3701. Title - This subchapter shall be known and may be cited as...

§ 15-4-3702. Purpose - The purpose of this subchapter is to outline a workforce...

§ 15-4-3703. Definitions - As used in this subchapter: (1) (A) “Chief elected official”...

§ 15-4-3704. Arkansas Workforce Development Board - (a) The Arkansas Workforce Development Board is created. (b) The...

§ 15-4-3705. Arkansas Workforce Development Board committees - (a) (1) To comply with the requirements and responsibilities assigned...

§ 15-4-3706. Powers and duties of the Arkansas Workforce Development Board - The Arkansas Workforce Development Board shall assist the Governor and...

§ 15-4-3707. Unified state workforce development plan requirements - (a) By March 3, 2016, the Governor shall submit to...

§ 15-4-3708. Designation of local workforce development areas - (a) No later than July 1, 2015, the Governor shall...

§ 15-4-3709. Local workforce development boards - (a) There shall be established by July 1, 2015, and...

§ 15-4-3710. Local workforce development certification - (a) One (1) time every two (2) years, the Governor...

§ 15-4-3711. Powers and duties of local workforce development boards - (a) The functions of a local workforce development board include:...

§ 15-4-3712. Local workforce development board committees - (a) (1) The local workforce development board shall designate and...

§ 15-4-3713. Local workforce development planning requirements - (a) (1) Each local workforce development board shall develop and...

§ 15-4-3714. Regional planning - (a) No later than June 30, 2016, the Arkansas Workforce...

Subchapter 38 - Local Food, Farms, and Jobs Act

§ 15-4-3801. Title - This subchapter shall be known and may be cited as...

§ 15-4-3802. Legislative intent - The General Assembly intends for this subchapter to: (1) Create,...

§ 15-4-3803. Definitions - As used in this subchapter: (1) (A) “Agency” means an...

§ 15-4-3804. Procurement goal — Distributor requirements - (a) For each fiscal year, each agency shall make it...

§ 15-4-3805. Reporting requirements - (a) By October 1 of each year, an agency or...

§ 15-4-3806. Promotion - (a) The Department of Agriculture may use its internet resources...

§ 15-4-3807. Relationship to federal law - (a) If this subchapter conflicts with federal law pertaining to...

§ 15-4-3808. Rules - The Office of State Procurement may promulgate rules to implement...

Chapter 5 - Arkansas Development Finance Authority

Subchapter 1 - Arkansas Development Finance Authority Act — General Provisions

§ 15-5-101. Title - This subchapter, §§ 15-5-201 — 15-5-211, 15-5-213, and 15-5-301 —...

§ 15-5-102. Legislative findings and declaration of public necessity - (a) The General Assembly finds: (1) (A) That there exists...

§ 15-5-103. Definitions - As used in this subchapter, §§ 15-5-201 — 15-5-211, 15-5-213,...

§ 15-5-104. Construction - (a) This subchapter and §§ 15-5-201 — 15-5-211, 15-5-213, and...

§ 15-5-105. Subchapters supplemental - (a) Except as stated in § 15-5-303, it is the...

§ 15-5-106. Bonds - The Arkansas Development Finance Authority is authorized to issue bonds...

Subchapter 2 - Arkansas Development Finance Authority Act — Administration

§ 15-5-201. Creation of authority - There is created, with such duties and powers as are...

§ 15-5-202. Board of directors — Members - (a) (1) The Board of Directors of the Arkansas Development...

§ 15-5-203. Board officers and employees - (a) Annually and at such other times as may be...

§ 15-5-204. Prohibition on personal interests in contracts - (a) (1) No officer or employee of the Arkansas Development...

§ 15-5-205. Board meetings - (a) The powers of the Arkansas Development Finance Authority shall...

§ 15-5-207. Rights, powers, privileges, and duties of authority — Definitions - (a) The Arkansas Development Finance Authority shall have such rights,...

§ 15-5-208. Services of public entities to authority — Expenses - (a) All officers, departments, boards, agencies, divisions, and commissions of...

§ 15-5-209. Disposition and use of funds - (a) All revenues received by the Arkansas Development Finance Authority,...

§ 15-5-210. Annual report - (a) On or before January 31 of each year, the...

§ 15-5-211. Dissolution of the authority - (a) The Arkansas Development Finance Authority may be dissolved by...

§ 15-5-212. Approval of Legislative Council for certain matters - (a) The Arkansas Development Finance Authority or the Secretary of...

§ 15-5-213. Correction Facilities Construction Fund - (a) There is established on the books of the Arkansas...

§ 15-5-214. Criminal background check - (a) The Arkansas Development Finance Authority may require a state...

Subchapter 3 - Arkansas Development Finance Authority Act — Bonds

§ 15-5-301. Power to issue bonds - (a) The Arkansas Development Finance Authority is authorized and empowered...

§ 15-5-302. Underwriters and experts - (a) The Arkansas Development Finance Authority, when requested to do...

§ 15-5-303. Exclusive issuer of revenue bonds for public facilities - It is the intention of the General Assembly that the...

§ 15-5-304. Exclusive issuer of mortgage bonds - For purposes of compliance with the Mortgage Subsidy Bond Tax...

§ 15-5-305. Authorized investors - (a) Any municipality or any board, commission, or other authority...

§ 15-5-306. Tax exemption - Any bonds issued under the provisions of this subchapter and...

§ 15-5-307. Request to issue certain bonds - (a) When gubernatorial approval is required by the provisions of...

§ 15-5-308. Notice of issue — Disapproval - (a) Not less than thirty (30) days prior to the...

§ 15-5-309. Authorizing resolution and trust indenture — Terms and qualities of bonds - (a) (1) Bonds issued in accordance with this subchapter shall...

§ 15-5-310. Sale - (a) The bonds may be sold in such manner, either...

§ 15-5-311. Execution - (a) The bonds shall be executed by manual or facsimile...

§ 15-5-312. Statement on face of bond — Security - (a) It shall be plainly stated on the face of...

§ 15-5-313. Pledge valid and binding — Lien - (a) Any pledge of revenues, moneys, funds, or other property...

§ 15-5-314. Refunding bonds - (a) Bonds may be issued for the purpose of refunding,...

§ 15-5-315. Securing deposit of public funds - Bonds issued under this subchapter shall be eligible to secure...

§ 15-5-316. No personal liability - No director or officer of the Arkansas Development Finance Authority...

§ 15-5-317. Power to enter into an interest rate exchange agreement or similar agreement or contract - (a) In connection with bonds issued before, on, or after...

§ 15-5-318. Primary administration of federal allocations of private activity and governmental volume cap - (a) (1) Except as provided in subsection (b) of this...

Subchapter 4 - Arkansas Development Finance Authority Bond Guaranty Act of 1985

§ 15-5-401. Title - This subchapter may be referred to and cited as the...

§ 15-5-402. Legislative findings and declaration of public necessity - (a) The General Assembly finds: (1) That there exists severe...

§ 15-5-403. Definitions - As used in this subchapter: (1) “Act” means this subchapter;...

§ 15-5-404. Power of authority to grant or deny guaranty bonds - The Arkansas Development Finance Authority, in addition to all the...

§ 15-5-405. When bonds may be guaranteed - Amortization payments on qualified bonds may be guaranteed in instances...

§ 15-5-406. Standards and rules for evaluations - The Arkansas Development Finance Authority shall promulgate standards and rules...

§ 15-5-407. Bond Guaranty Reserve Account — Investment of funds - (a) (1) The Arkansas Development Finance Authority may establish a...

§ 15-5-408. Evidence to support guaranty — Premium payment - (a) Each borrower requesting a guaranty under this subchapter shall...

§ 15-5-409. Review of applications - (a) All applications filed with the Arkansas Development Finance Authority...

§ 15-5-410. No private right against authority under §§ 15-5-408 and 15-5-409 - No provision of §§ 15-5-408 and 15-5-409 shall be interpreted...

§ 15-5-411. Grants to fund - The Arkansas Development Finance Authority is authorized to accept grants...

§ 15-5-412. Guaranty agreement provision - Guaranty agreements entered into by the Arkansas Development Finance Authority...

§ 15-5-413. Rules — Remedies - (a) The Arkansas Development Finance Authority is authorized and directed...

§ 15-5-414. Authority to use money committed to other projects - (a) If the Arkansas Development Finance Authority shall at any...

§ 15-5-415. Issuance of bonds to provide additional moneys - (a) If at the time there are no other available...

§ 15-5-416. Authorizing resolution - (a) The bonds shall be authorized by resolution of the...

§ 15-5-417. Trust indenture - (a) The resolution authorizing the issuance of bonds may provide...

§ 15-5-418. Execution of bonds and coupons — Temporary notes or bonds - (a) The bonds shall be executed by the facsimile or...

§ 15-5-419. Sale of bonds — Statement on face of bond - (a) The bonds may be sold in such manner, either...

§ 15-5-420. Obligation of authority — Disposition of proceeds - (a) All bonds issued under this subchapter shall be obligations...

§ 15-5-421. Bond debt service amount - (a) The Arkansas Development Finance Authority shall notify the Treasurer...

§ 15-5-422. Moneys for Correction Facilities Construction Fund - The Arkansas Development Finance Authority is authorized to accept moneys...

Subchapter 6 - Allocation of State Ceiling

§ 15-5-601. Bonds affected — Definitions - (a) This subchapter shall be effective for the calendar year...

§ 15-5-602. Delegation of functions - The President of the Arkansas Development Finance Authority may delegate...

§ 15-5-603. Aggregate percentages allocated - (a) The aggregate of the state ceiling for the State...

§ 15-5-604. Filing by issuer of reservation of volume cap and notice of issuance of bonds - (a) In order to reserve an allocation of the state...

§ 15-5-605. Special rules for allocation of volume cap for multifamily residential housing bonds - (a) Notwithstanding § 15-5-604(c), the priority allocation of volume cap...

§ 15-5-606. Balance of state ceiling — Carryforwards - (a) (1) (A) Volume cap that has not been allocated...

§ 15-5-607. Records of filings - (a) The Arkansas Development Finance Authority shall maintain continuous cumulative...

§ 15-5-608. Acceptable forms - Filings made under this subchapter and notice of issuance of...

§ 15-5-609. Filing fee - The Arkansas Development Finance Authority may charge each issuer of...

§ 15-5-610. Allocation of 2008 Housing Act Volume Cap - (a) The 2008 Housing Act Volume Cap shall be allocated...

Subchapter 7 - Arkansas Development Finance Authority Small Business Act of 1989

§ 15-5-701. Title - This subchapter may be referred to and cited as the...

§ 15-5-702. Legislative findings and declaration of public necessity - (a) The General Assembly finds: (1) That there exists severe...

§ 15-5-703. Definitions - As used in this subchapter: (1) “Agencies of the United...

§ 15-5-704. Duty of authority - The Arkansas Development Finance Authority, in addition to all the...

§ 15-5-705. Funding or guarantee of loans — Conditions - (a) Loans may be guaranteed when: (1) The Arkansas Development...

§ 15-5-706. Evaluation of small-business persons - (a) The Arkansas Development Finance Authority shall promulgate standards and...

§ 15-5-707. Small Business Revolving Loan Fund — Investment of funds - (a) (1) The Arkansas Development Finance Authority is authorized to...

§ 15-5-708. Applications — Supporting documents - Each small-business person requesting a loan or guaranty or qualified...

§ 15-5-709. Applications — Review — Confidentiality and public disclosure — Notice - (a) All applications filed with the Arkansas Development Finance Authority...

§ 15-5-710. Liability of authority's members and staff - No provision of §§ 15-5-708 and 15-5-709 shall be interpreted...

§ 15-5-711. Grants to fund - The Arkansas Development Finance Authority may accept grants to its...

§ 15-5-712. Power to make grants and loans - The Arkansas Development Finance Authority may make grants, direct loans,...

§ 15-5-713. Funding of qualified investments - (a) The Arkansas Development Finance Authority may approve the use...

§ 15-5-714. Entrepreneur Fee Waiver Pilot Program — Definition - (a) There is created a program to be known as...

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Arkansas Code Title 15 - Natural Resources and Economic Development Subtitle 1 - Development Of Economic And Natural Resources Generally

Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 1 - Development Of Economic And Natural Resources Generally