AR HB1948

Creates the Arkansas New Jobs Training Program as a new subchapter under Arkansas Code Title 15, Chapter 4, allowing two-year colleges to establish training programs in partnership with employers to create new jobs.

Establishes a "new jobs credit from withholding" mechanism where employers can credit 1.5% of gross wages (or 3% if employee wages exceed county average) paid to new employees against their Arkansas income tax withholding obligations, with these credits remitted quarterly to the two-year college.

Authorizes two-year colleges to issue bonds backed by future new jobs credit revenues to finance training programs, with bonds requiring approval from the Legislative Council or Joint Budget Committee before issuance.

Limits program eligibility to new jobs in manufacturing, research and development, e-commerce fulfillment, or interstate commerce services; excludes retail, health, and professional services; and caps on-the-job training costs at 50% of annual wages and benefits for new jobs.

Requires the Arkansas Economic Development Commission to annually review and coordinate all new jobs training programs in consultation with state agencies and issue annual effectiveness reports to the Legislative Council or Joint Budget Committee by July 1.