003.19.9-I. Introduction
AR ADC 003.19.9-IArkansas Administrative CodeEffective: May 2, 2022
Effective: May 2, 2022
Ark. Admin. Code 003.19.9-I
Formerly cited as AR ADC 168.00.9-I
003.19.9-I. Introduction
Act 182 of 2003, “Consolidated Incentive Act of 2003,” as amended and codified at § 15-4-2701, et seq., consolidated six (6) previously-existing incentives into one (1) incentive package. The consolidated incentives include:
• Enterprise Zone (Advantage Arkansas);
• Economic Investment Tax Credit (InvestArk);
• Economic Development Incentive Act (Create Rebate);
• Arkansas Economic Development Act (AEDA);
• Emerging Technology Development Act; and
• Biotechnology Training and Development Act.
The Consolidated Incentive Act of 2003, as amended, also provides incentives for targeted businesses that allow earned income tax credits to be sold, which will allow these targeted businesses to realize the benefits of the incentive earlier. In addition, it expands the opportunities for qualified businesses to earn income tax credits based on research and development expenditures.
Other benefits of consolidating incentives include uniformity of definitions and administration of the various incentives.
A financial incentive agreement will be signed with each eligible business that qualifies for an incentive under this Act and is approved by the Arkansas Economic Development Commission (Commission). The financial incentive agreement will be the primary document outlining the benefits to be received and the start and end dates of the project. It will also serve as the primary source document when the Department of Finance and Administration (DFA) audits the business to verify compliance.
The financial incentive agreement shall specify the:
• Effective date of the agreement;
• Term of the agreement, which shall be calculated from the date the agreement is signed by the business and the Commission;
• Incentive the business is to receive;
• Investment, wage, and payroll threshold requirements necessary to qualify for eligibility;
• Eligible business's responsibilities for certifying eligibility requirements; and
• Approved business's responsibilities for failure to meet or maintain eligibility requirements.
Credits
Amended Aug. 21, 2009; Sept. 21, 2011; Aug. 25, 2012; May 6, 2016; Sept. 28, 2017; May 2, 2022.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 003.19.9-I, AR ADC 003.19.9-I
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