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15-3-403. Eligibility for grants.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-3-403. Eligibility for grants.
To qualify for a grant authorized under § 15-3-404, a business shall:
(1) Have operations within the State of Arkansas that are in one (1) of the six (6) categories of targeted businesses identified in § 15-4-2703(43)(A);
(2) Pay average hourly wages in excess of one hundred ten percent (110%) of the county or state average hourly wage, whichever is less;
(3) Agree to hire a postdoctoral graduate; and
(4) Provide proof that the postdoctoral graduate is an Arkansas taxpayer and a resident of the State of Arkansas.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-3-403
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:15-3-403
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 473c73731bff3a40c9ae7d8ce4eea9c34b8fcfdcfd052ee098dd5c66d60d6eff
Source location: content.xml paragraph 828
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15-3-403. Eligibility for grants.
To qualify for a grant authorized under § 15-3-404, a business shall:
(1) Have operations within the State of Arkansas that are in one (1) of the six (6) categories of targeted businesses identified in § 15-4-2703(43)(A);
(2) Pay average hourly wages in excess of one hundred ten percent (110%) of the county or state average hourly wage, whichever is less;
(3) Agree to hire a postdoctoral graduate; and
(4) Provide proof that the postdoctoral graduate is an Arkansas taxpayer and a resident of the State of Arkansas.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-3-404. Authorization of grants.
(a) If an applicant meets the requirements of § 15-3-403, the applicant shall be placed in one (1) of the following four (4) levels and be eligible for a grant for up to five (5) years:
(1)(A) An eligible business with a payroll in excess of ten million dollars ($10,000,000) is eligible to receive a grant of up to thirty-five thousand dollars ($35,000) over the five-year period.
(B) If approved, the business will receive:
(i) Ten thousand dollars ($10,000) in year one (1);
(ii) Ten thousand dollars ($10,000) in year two (2);
(iii) Seven thousand five hundred dollars ($7,500) in year three (3);
(iv) Five thousand dollars ($5,000) in year four (4); and
(v) Two thousand five hundred dollars ($2,500) in year five (5);
(2)(A) An eligible business with a payroll in excess of five million dollars ($5,000,000) but no more than ten million dollars ($10,000,000) may be eligible to receive a grant of up to fifty-two thousand five hundred dollars ($52,500) over the five-year period.
(B) If approved, the business will receive:
(i) Fifteen thousand dollars ($15,000) in year one (1);
(ii) Fifteen thousand dollars ($15,000) in year two (2);
(iii) Eleven thousand two hundred fifty dollars ($11,250) in year three (3);
(iv) Seven thousand five hundred dollars ($7,500) in year four (4); and
(v) Three thousand seven hundred fifty dollars ($3,750) in year five (5);
(3)(A) An eligible business with a payroll in excess of at least one million dollars ($1,000,000) but no more than five million dollars ($5,000,000) may be eligible to receive a grant of up to seventy thousand dollars ($70,000) over the five-year period.
(B) If approved, the business will receive:
(i) Twenty thousand dollars ($20,000) in year one (1);
(ii) Tw
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-3-404
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-3-404. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-2703. Definitions.
As used in this subchapter:
(1) “Applied research” means any activity that applies the findings of basic research or other existing knowledge toward discovering new scientific knowledge that has specific commercial objectives with respect to new products, services, processes, or methods;
(2)(A) “Average hourly wage” means the amount obtained when payroll, as defined in this section, is divided by the number of hours worked to earn the payroll.
(B) For the purpose of subdivision (2)(A) of this section, forty (40) hours per week shall be used as the number of hours worked for a salaried employee;
(3) “Basic research” means the pursuit of new scientific knowledge or understanding that does not have specific immediate commercial objectives, although the pursuit may be in fields of present or potential commercial interest;
(4) “Contractual employee” means an employee who:
(A) May be included in the payroll calculations of a qualified business under this subchapter and is under the direct supervision of the qualified business receiving incentives under this subchapter, but is an employee of a business other than the one receiving incentives under this subchapter;
(B) Otherwise meets the requirements of a new full-time permanent employee of the qualified business receiving incentives under this subchapter; and
(C) Receives a benefits package comparable to direct employees of the qualified business receiving incentives under this subchapter;
(5)(A) “Corporate headquarters” means a facility or portion of a facility where the majority of an eligible business's financial, human resources, engineering, legal, strategic planning, information technology, corporate communications, marketing, or other headquarters-related functions are effectu
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-2703
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-4-2703. This identifies an authority to review, not proof of applicability.