AR HB1472

Creates the Arkansas Rail Development Grant Program Fund as a miscellaneous state fund to provide grants and loans for rail improvement projects through the Arkansas State Highway and Transportation Department.

Establishes the Arkansas Rail Development Grant Program to provide financial assistance to local/regional planning programs, economic development organizations, governmental units, and nonprofit organizations for rail infrastructure improvements including track repair, facility construction, rail access, and corridor preservation.

Dedicates railroad property taxes exceeding $20,000,000 annually to the Rail Development Grant Program Fund, with the department authorized to retain up to 10% of fund deposits for administrative costs.

Creates a 9-member Arkansas Rail Development Grant Program Advisory Committee appointed by the Governor with representatives from Class I and III railroads, planning districts, mobility authorities, intermodal authorities, waterways commission, economic development commission, and public members to make non-binding funding recommendations.

Effective January 1, 2016; requires the State Highway and Transportation Department to promulgate rules implementing the program and establishes application procedures for entities seeking funding.