AR HB1429

Exempts industrial facilities owned and financed by the Arkansas Development Finance Authority from ad valorem taxation, along with lessees' and purchasers' interests in such facilities.

Requires in-lieu-of-tax payment agreements between the Authority, counties, municipalities, and private entities to distribute payments proportionally to affected local political subdivisions based on millage rates, unless all subdivisions agree otherwise.

Mandates that in-lieu-of-tax payments during the initial lease or contract term shall not be less than 35% of aggregate ad valorem taxes that would be paid, unless the Director of the Arkansas Economic Development Commission and Chief Fiscal Officer approve a lesser amount.

Requires the Authority, municipality, or county to provide at least 10 days' notice to affected school district superintendents and the Chief Fiscal Officer before meetings where in-lieu-of-tax payment approvals are considered.

Exempts from these requirements agreements existing before July 1, 2001, certain bond financing arrangements, projects covered by pre-July 1, 2001 financial incentive proposals, and qualified steel manufacturer leases entered into before June 30, 2009.