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15-4-2710. Powers and duties of the Arkansas Economic Development Commission.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-2710. Powers and duties of the Arkansas Economic Development Commission.
The Arkansas Economic Development Commission shall administer this subchapter and in addition to powers and duties mentioned in other laws may:
(1) Promulgate rules in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., necessary to carry out the provisions of this subchapter;
(2) Provide the Department of Finance and Administration with a copy of each financial incentive agreement entered into by the commission with each qualified business;
(3) Assist the governing authority in obtaining assistance from any other agency of state government, including assistance to new businesses and industries;
(4) Assist any employer or prospective employer with a qualifying project in obtaining the benefits of any incentive or inducement program authorized by state law;
(5) Act as a liaison between other state agencies and businesses and industries to ensure that both the spirit and intent of this subchapter are met;
(6) Make disbursements from the Economic Development Incentive Fund to qualified businesses as authorized in § 15-4-2707; and
(7) Negotiate proposals on behalf of the state with prospective businesses that are considering locating new facilities or expanding existing facilities that would seek the incentives of the discretionary programs under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-2710
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:15-4-2710
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: fb5a3f95e27adcb93531e255931fe4e3a548280aaf96badeed41aa99e33863d5
Source location: content.xml paragraph 4880
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15-4-2710. Powers and duties of the Arkansas Economic Development Commission.
The Arkansas Economic Development Commission shall administer this subchapter and in addition to powers and duties mentioned in other laws may:
(1) Promulgate rules in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq., necessary to carry out the provisions of this subchapter;
(2) Provide the Department of Finance and Administration with a copy of each financial incentive agreement entered into by the commission with each qualified business;
(3) Assist the governing authority in obtaining assistance from any other agency of state government, including assistance to new businesses and industries;
(4) Assist any employer or prospective employer with a qualifying project in obtaining the benefits of any incentive or inducement program authorized by state law;
(5) Act as a liaison between other state agencies and businesses and industries to ensure that both the spirit and intent of this subchapter are met;
(6) Make disbursements from the Economic Development Incentive Fund to qualified businesses as authorized in § 15-4-2707; and
(7) Negotiate proposals on behalf of the state with prospective businesses that are considering locating new facilities or expanding existing facilities that would seek the incentives of the discretionary programs under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-4-2707. Economic Development Incentive Fund — Payroll rebate.
(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 “Economic Development Incentive Fund” of the Arkansas Economic Development Commission.
(b) The fund shall consist of revenues designated for this fund by the Department of Finance and Administration pursuant to approved financial incentive agreements entered into by the commission with qualified businesses.
(c) After the department has received and verified the certification of the payrolls of the qualified businesses for the payroll rebate authorized by this section, the department shall transfer the appropriate amount of money designated by the financial incentive agreements out of general revenues into a special account designated as special revenue for the fund.
(d)(1) The award of this incentive is at the discretion of the Director of the Arkansas Economic Development Commission and may be offered for a period of up to ten (10) years.
(2)(A) To receive an incentive under this section, a qualified business shall meet minimum annual payroll thresholds for new full-time permanent employees for the county tier in which the project is located, as follows:
(i) For tier 1 counties, the annual payroll threshold is at least two million dollars ($2,000,000);
(ii) For tier 2 counties, the annual payroll threshold is at least one million seven hundred fifty thousand dollars ($1,750,000);
(iii) For tier 3 counties, the annual payroll threshold is at least one million five hundred thousand dollars ($1,500,000); and
(iv) For tier 4 counties, the annual payroll threshold is at least one million two hundred fifty thousand dollars ($1,250,000).
(B)
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-4-2707
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 15-4-2707. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
25-15-201. Title.
This subchapter shall be known and cited as the “Arkansas Administrative Procedure Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 25-15-201
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 25-15-201. This identifies an authority to review, not proof of applicability.