§ 15-11-504. Evaluation standards — Tourism attraction project applications
(a) The Director of the Arkansas Economic Development Commission shall establish standards for the making of applications for inducements to eligible companies and their tourism attraction projects by the promulgation of administrative rules in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq. (b) With respect to each eligible company making an application […]
§ 15-11-505. Standards for preliminary and final approval of companies and projects
(a) The Director of the Arkansas Economic Development Commission shall establish standards for final approval of eligible companies and their tourism attraction projects by the promulgation of administrative rules in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq. (b) The director shall obtain the review and advice of the Secretary of the […]
§ 15-11-506. Contracts
(a) Upon granting final approval, the Director of the Arkansas Economic Development Commission may enter into an agreement with an approved company with respect to its tourism attraction project. (b) The terms and provisions of each agreement shall include, but shall not be limited to: (1) The amount of approved costs, which shall be determined […]
§ 15-11-507. Tourism attraction project sales tax credit
(a) Upon receiving notification from the Director of the Arkansas Economic Development Commission that an approved company has entered into a tourism attraction project agreement and is entitled to the sales tax credits provided by this subchapter, the Secretary of the Department of Finance and Administration shall provide the approved company with such forms and […]
§ 15-11-508. Liberal construction
This subchapter shall be construed liberally to effectuate the legislative intent, and the purpose of this subchapter is complete and independent authority for the performance of each and every act and thing authorized by this subchapter, and all powers granted by this subchapter shall be broadly interpreted to effectuate such intent and purposes and not […]
§ 15-11-509. Tourism attraction project income tax credit
(a) Tourism attraction projects meeting the eligibility requirements under § 15-11-503(13)(A) are entitled to receive an income tax credit based upon a percentage of the payroll of the new full-time permanent employees working at the tourism attraction project. (b) Upon notification from the Director of the Arkansas Economic Development Commission that an approved company has […]
§ 15-11-510. Special rules for certain lodging facilities
(a) A lodging facility may qualify as a tourism attraction project, as defined in § 15-11-503, entitled to the benefits of this subchapter even though the lodging costs represent one hundred percent (100%) of the total tourism attraction project costs, provided the approved costs for the lodging facility exceed five million dollars ($5,000,000), and: (1) […]
§ 15-11-511. Special rules — Qualified amusement parks — Definition
(a) As used in this section, “qualified amusement park” means a commercial recreational activity that: (1) Operates at least three (3) consecutive months during a calendar year; (2) Offers rides, shows, games, and other diversions; (3) Otherwise qualifies as an approved company under § 15-11-503(2); (4) Operates within a designated area of not less than […]
§ 15-11-501. Title
This subchapter shall be referred to and may be cited as the “Arkansas Tourism Development Act”.
§ 15-11-502. Legislative intent
The General Assembly finds and declares that the general welfare and material well-being of the citizens of the State of Arkansas depend, in large measure, upon the development of tourism attractions in the state, and that it is in the best interests of the state to induce the creation of new or the expansion of […]