§ 15-4-1601. Title
This subchapter may be referred to and cited as the “Arkansas Economic Development Incentive Act of 1993”.
§ 15-4-1602. Definitions
As used in this subchapter: (1) “Annual payroll” means the wages of the net new full-time permanent employees based on the payroll for the previous twelve (12) months reported to the Division of Workforce Services and is computed by using the total of the net new full-time permanent employees’ reported taxable earnings, including overtime pay; […]
§ 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 […]
§ 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 […]
§ 15-4-1605. Qualifications
To qualify for the benefits of this subchapter, the entity applying must: (1) Be classified as one (1) or more of the following types of businesses: (A) Manufacturers classified in Standard Industrial Classification codes 20-39, including semiconductor and microelectronic manufacturers that will employ one hundred (100) or more net new full-time permanent employees; (B) (i) […]
§ 15-4-1606. Limitations
The following limitations shall apply to all financial incentive plans negotiated by the Arkansas Economic Development Commission: (1) (A) The term of a financial incentive plan shall not exceed one hundred twenty-six (126) months. (B) (i) For defense industry projects, as defined in § 26-52-702 [repealed], the one hundred and twenty-six (126) months shall be […]
§ 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 […]
§ 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 […]
§ 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.