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15-4-1904. Qualifications.
Arkansas Code — all titles (historical 2020) · legal_authorities
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;
(3) Expend at least five million dollars ($5,000,000) on the project covered by the financial incentive plan;
(4) Agree to certify to the Department of Finance and Administration the number of net new full-time permanent employees and the average hourly wage of the net new full-time permanent employees once the number of net new full-time permanent employees reaches one hundred (100); and
(5) Agree to certify to the department within thirty (30) days after the number of net new full-time permanent employees falls below one hundred (100) or the average hourly wage falls below the amount specified in the financial incentive plan.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1904
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:15-4-1904
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8f317545dbe171802cfc0c2945d345aeb2b5ae7d297895d085a7d236054bd144
Source location: content.xml paragraph 3727
Stored source content
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;
(3) Expend at least five million dollars ($5,000,000) on the project covered by the financial incentive plan;
(4) Agree to certify to the Department of Finance and Administration the number of net new full-time permanent employees and the average hourly wage of the net new full-time permanent employees once the number of net new full-time permanent employees reaches one hundred (100); and
(5) Agree to certify to the department within thirty (30) days after the number of net new full-time permanent employees falls below one hundred (100) or the average hourly wage falls below the amount specified in the financial incentive plan.
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Arkansas Code — all titles (historical 2020) · legal_authorities
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 earnings, including overtime pay and one quarter (¼) of the employee's annual bonus amount, divided by the number of weeks worked during the most recent quarter, divided by the average hours worked per week per net new full-time permanent employee;
(2) “Commission” means the Arkansas Economic Development Commission;
(3) “Corporate headquarters” means the home or center of operations, including research and development, of a national or multinational corporation;
(4) “Distribution center” means a facility for the reception, storage, or shipping of:
(A) A business's own products or products that the business wholesales to retail businesses or ships to its own retail outlets;
(B) Products owned by other companies with which the business has contracts for storage and shipping if seventy-five percent (75%) of the sales revenues are from out-of-state customers; or
(C) Products for sale to the general public if seventy-five percent (75%) of the sales revenues are from out-of-state customers;
(5) “Eligible business” is defined as one (1) or more of the following:
(A) Manufacturers classified in Standard Industrial Classification codes 20-39, including semiconductor and microelectronic manufacturers;
(B)(i) Computer businesses primarily engaged in providing computer programming services; the design and development of prepackaged software; businesses engaged in digital content production and preservati
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-1902
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 15-4-1902. This identifies an authority to review, not proof of applicability.