AR HB1542

Appropriates $61,000,000 from the Arkansas Acceleration Fund for grants and incentives to accelerate the state economy through technology and knowledge-based development.

Allocates funds for specific research and development programs including Basic Research Grants ($5,000,000), Research Matching Grants ($5,000,000), Centers for Applied Technology Grants ($6,000,000), and Seed Capital Investments ($1,000,000).

Provides funding for the Arkansas Research Infrastructure Fund ($3,000,000), Arkansas Risk Capital Matching Fund ($3,000,000), Technical Career Student Loan Forgiveness Program ($3,000,000), and Innovate Arkansas Fund ($3,000,000).

Appropriates an additional $1,000,000 from the state cash fund for investments in technology-based businesses.

Establishes an emergency effective date of July 1, 2011, citing constitutional requirements that appropriations be limited to one-year periods.