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15-4-1606. Limitations.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-4-1606. Limitations.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1606

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:15-4-1606
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f7ba1e66512c536b8bf2150d3bac9f72597b6d3ff27eda445cd9b6041ce28cf9

Source location: content.xml paragraph 3288

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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 (B)(i) For defense industry projects, as defined in § 26-52-702 [repealed], the one hundred and twenty-six (126) months shall be calculated forward from the date certification of the mandatory number of employees is granted by the Department of Finance and Administration. (ii) For all other financial incentive plans, the one hundred twenty-six (126) months shall be calculated forward from the date of the financial incentive plan entered into by the business and the commission; (2) The business shall not be entitled to the benefits of a financial incentive plan entered into with the commission until twelve (12) months after it has hired the requisite number of net new full-time permanent employees and has certified that fact to the department as required by this subchapter; (3)(A) If the number of net new full-time permanent employees drops below the requisite number provided in § 15-4-1605, all benefits under the financial incentive plan entered into with the commission shall be terminated unless the Director of the Arkansas Economic Development Commission and the Chief Fiscal Officer of the State approve a written request filed by the business explaining why the number of net new full-time permanent employees fell below the requisite number. The director and the Chief Fiscal Officer of the State may grant the business up to twenty-four (24) months to bring the number of net new full-time permanent employees back up to the requisite number and may approve the continuation of benefits during that period. (B)(i) In the event that the requisite number of net new full-time permanent employees cannot be employed within the twenty-four-month period, the business can file a written application with the commission explaining why additional time is necessary. The business can be afforded up to twenty-four (24) more months to hire the requisite number of employees if the director and the Chief Fiscal Officer of the State agree. (ii) In the event that a business fails to notify the department that the number of net new full-time permanent employees has fallen below the required number to continue to receive benefits under a financial incentive plan, that business will be liable for the repayment of all benefits which were paid to the business after it no longer qualified for the benefits. Interest shall also be due at the rate of ten percent (10%) per annum; (4)(A) The financial benefits received by a business shall be used in accordance with the financial incentive plan entered into with the commission. (B)(i) Financial incentive plans shall designate how the funds are to be used by the business. (ii) A financial incentive plan may designate funds for employee training, infrastructure, or other purposes agreed to by the business and the director; and (5) Recipients of benefits under this subchapter are precluded from receiving benefits under the Arkansas Economic Development Act of 1995, § 15-4-1901 et seq.

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Arkansas Code — all titles (historical 2020) · legal_authorities

15-4-1605. Qualifications.

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) Computer businesses primarily engaged in providing: (a) Computer programming services; (b) Design and development of prepackaged software; (c) Digital content production and preservation; (d) Computer processing and data preparation services; (e) Information retrieval services; and (f) Computer and data processing consulting and developing. (ii) All businesses in the group described in subdivision (1)(B)(i) of this section shall: (a) Employ twenty-five (25) or more net new full-time permanent employees; (b) Derive at least seventy-five percent (75%) of the business’s revenue from out-of-state sales; and (c) Have no retail sales to the general public; (C) Businesses primarily engaged in commercial physical and biological research as classified by Standard Industrial Classification code 8731 that will employ fifty (50) or more net new full-time permanent employees; (D)(i) Businesses primarily engaged in motion picture production that will employ fifty (50) or more net new full-time permanent employees. (ii) All businesses in this group must derive at least seventy-five percent (75%) of their revenue from out-of-state sales and have no retail sales to the general public; (E) A distribution center with no retail sales to the general public unless seventy-five percent (75%) of the sales revenues are from out-of-state customers and that will empl

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1605

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 15-4-1605. This identifies an authority to review, not proof of applicability.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-4-1901. Title.

15-4-1901. Title. This subchapter may be referred to and cited as the “Arkansas Economic Development Act of 1995”.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1901

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 15-4-1901. This identifies an authority to review, not proof of applicability.