AR HB2048

Creates the Arkansas Acceleration Fund within the Arkansas Science and Technology Authority to support accelerated growth of knowledge-based and high-technology jobs through focused funding of state initiatives and programs.

Establishes the Arkansas Acceleration Fund Committee composed of seven private sector members, the ASTA president or designee, the Arkansas Economic Development Commission executive director or designee, and the Arkansas Development Finance Authority president or designee.

Requires private sector committee members to hold at least an undergraduate degree and possess expertise in knowledge-based or high-technology job development through education, business management experience, or related professional work.

Committee members serve four-year terms with initial staggered terms of one, two, three, and four years, with a maximum of two consecutive four-year terms and eight total consecutive years of service.

Committee shall meet annually to recommend fund allocation and priorities among authorized programs including the Arkansas Research Alliance, Innovate Arkansas Fund, Risk Capital Matching Fund, STEM grants, and the Technical Careers Student Loan Forgiveness Program.