AR HB1145

Amends Arkansas Code § 14-174-107 to change language from authorizing local governments to contract with community-based not-for-profit economic development corporations to allowing them to contract with such entities only under specified conditions.

Prohibits contracted economic development corporations from making contributions or expenditures to candidates for elective office, approved or prohibited political action committees, or ballot question committees during the contract term.

Defines "management" to include economic and industrial development planning, marketing, advertising, public relations, supervision, operation of industrial parks, and negotiation of contracts for sale or lease of such properties.

Defines "community-based not-for-profit economic development corporation" as an organization formed to achieve economic development purposes, which may include chambers of commerce, industrial development corporations, or similar organizations.

Requires contracted corporations to file annual reports with local governments by January 31 each year describing the corporation's activities, disbursements, and expenditures under the contract for the preceding calendar year.