§ 15-4-1901. Title

This subchapter may be referred to and cited as the “Arkansas Economic Development Act of 1995”.

§ 15-4-1902. Definitions

As used in this subchapter: (1) (A) “Average hourly wage” means the average wage of the net new full-time permanent employees based on payroll for the most recent quarter reported to the Division of Workforce Services. (B) “Average hourly wage” is computed by using the total of the net new full-time permanent employees’ reported taxable […]

§ 15-4-1903. 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 […]

§ 15-4-1904. 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; […]

§ 15-4-1905. Financial incentive plan

The financial incentive plan shall: (1) Specify the tax incentives the business is to receive, including the maximum amount of income tax credit the business may claim for each tax year covered by the financial incentive plan; (2) (A) Specify the term of the financial incentive plan, which cannot exceed ten (10) years. (B) The […]

§ 15-4-1906. Refund of sales and use tax — Income tax credit

(a) (1) The Revenue Division of the Department of Finance and Administration shall authorize a refund of sales and use taxes imposed by the state and a municipality or county if the municipality or county authorized the refund of its local tax on the purchases of the material used in the construction of a building […]

§ 15-4-1907. Verification

(a) The Department of Finance and Administration shall have the authority to obtain whatever information necessary from the 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 […]

§ 15-4-1908. Effect of participation

Receiving benefits for a project pursuant to this subchapter will preclude a business from receiving benefits under any other tax incentive program for that same project.