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15-4-220. Audit of economic incentive programs.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-220. Audit of economic incentive programs.
(a) In order to provide information to the General Assembly regarding the benefits of certain economic incentive programs, Arkansas Legislative Audit shall prepare annually a cost-benefit analysis of the projects provided incentives under the Consolidated Incentive Act of 2003, § 15-4-2701 et seq.
(b) The analysis may include without limitation:
(1) The dollar amount of incentives actually provided;
(2) The direct, indirect, and induced state tax benefits associated with each project, including without limitation:
(A) Estimated tax revenues;
(B) Full-time equivalent jobs created;
(C) Wages; and
(D) Investment; and
(3) The safeguards to protect noneconomic influences in the award of incentives.
(c)(1) The analysis required under subsection (a) of this section may be conducted on a rotating basis so that each project is evaluated at least one (1) time before the completion of the financial incentive agreement under the Consolidated Incentive Act of 2003, § 15-4-2701 et seq.
(2) If the staff of Arkansas Legislative Audit is insufficient to conduct the scheduled analysis in a given year, the executive committee of the Legislative Joint Auditing Committee may establish the priority and number of projects that can be reasonably analyzed with the available resources for a particular year.
(d)(1) All records, data, and other information from whatever source that the Legislative Auditor deems necessary in the examination of the incentive programs shall be made available to Arkansas Legislative Audit.
(2) However, this subsection does not authorize publication of information protected from publication by law.
(3) Records and information exempt from public disclosure shall remain exempt in the custody of A
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-220
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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Record provenance
Stable record: arkansas_code:legal_authorities:15-4-220
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 30538d0111bb7a927bafb14b6d651112a547396f3da32187cf190b2eb892db93
Source location: content.xml paragraph 1547
Stored source content
15-4-220. Audit of economic incentive programs.
(a) In order to provide information to the General Assembly regarding the benefits of certain economic incentive programs, Arkansas Legislative Audit shall prepare annually a cost-benefit analysis of the projects provided incentives under the Consolidated Incentive Act of 2003, § 15-4-2701 et seq.
(b) The analysis may include without limitation:
(1) The dollar amount of incentives actually provided;
(2) The direct, indirect, and induced state tax benefits associated with each project, including without limitation:
(A) Estimated tax revenues;
(B) Full-time equivalent jobs created;
(C) Wages; and
(D) Investment; and
(3) The safeguards to protect noneconomic influences in the award of incentives.
(c)(1) The analysis required under subsection (a) of this section may be conducted on a rotating basis so that each project is evaluated at least one (1) time before the completion of the financial incentive agreement under the Consolidated Incentive Act of 2003, § 15-4-2701 et seq.
(2) If the staff of Arkansas Legislative Audit is insufficient to conduct the scheduled analysis in a given year, the executive committee of the Legislative Joint Auditing Committee may establish the priority and number of projects that can be reasonably analyzed with the available resources for a particular year.
(d)(1) All records, data, and other information from whatever source that the Legislative Auditor deems necessary in the examination of the incentive programs shall be made available to Arkansas Legislative Audit.
(2) However, this subsection does not authorize publication of information protected from publication by law.
(3) Records and information exempt from public disclosure shall remain exempt in the custody of Arkansas Legislative Audit.
(e) Arkansas Legislative Audit and the Arkansas Economic Development Commission shall enter into a memorandum of understanding concerning the need for common definitions and rules for evaluating economic incentive projects.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-2701. Legislative intent.
(a) The General Assembly recognizes that job creation and capital investment in Arkansas are dependent upon being competitive with other states for business locations and expansions.
(b) Acts 2001, No. 757, authorized the Bureau of Legislative Research to conduct a study of business development incentives in Arkansas and in states with which Arkansas frequently competes for business locations.
(c) This subchapter incorporates many of the findings of that study in an effort to make our state more competitive for the creation of new and better jobs for the citizens of Arkansas.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-2701
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 15-4-2701. This identifies an authority to review, not proof of applicability.