§ 15-4-2301. Title

This subchapter may be referred to and cited as the “Arkansas Public Roads Improvements Credit Act”.

§ 15-4-2302. Legislative intent

The General Assembly finds and declares that: (1) The state’s program for capital improvements for public roads projects and the financing of those projects is inadequate; (2) The economic and other benefits to the state and its people resulting from capital improvements for public roads projects are essential to the public health, safety, and welfare […]

§ 15-4-2303. Definitions

As used in this subchapter: (1) “Capital improvements” means capital improvements for public roads; (2) “Commission” means the Arkansas Economic Development Commission; (3) “Contribution” means a contribution in aid of construction of a public roads project made by a taxpayer to the Public Roads Incentive Fund; (4) “Council” means the Arkansas Economic Development Council; (5) […]

§ 15-4-2304. Approval of projects

Governing authorities may apply to the Director of the Arkansas Economic Development Commission for funding assistance for capital improvement projects for public roads as provided by this subchapter. The director is authorized to approve capital improvements for funding assistance upon a finding that a project is in the public interest.

§ 15-4-2305. Public Roads Incentive Fund

(a) 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 “Public Roads Incentive Fund” of the Arkansas Economic Development Council. (b) The fund shall consist of contributions made by taxpayers for public roads projects […]

§ 15-4-2306. Tax credit

(a) A taxpayer shall be entitled to a credit against any Arkansas income tax liability which may be imposed on the taxpayer for any tax year commencing on or after January 1, 1999, for contributions transmitted to the Treasurer of State pursuant to this subchapter. (b) The credit shall be determined in the following manner: […]

§ 15-4-2307. 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; […]