AR SB160

Repeals Arkansas Code Title 15, Chapter 4, Subchapter 31, known as the Nonprofit Incentive Act of 2005, effective upon passage.

Eliminates the entire statutory framework that provided sales and use tax refunds and payroll rebates to qualifying nonprofit organizations in Arkansas.

Removes eligibility requirements that previously limited benefits to nonprofits with $500,000+ annual payroll from new full-time employees, paying at least 110% of county/state average wage, and receiving 75% of income from out-of-state sources.

Dissolves the Economic Development Incentive Fund that was established to provide payroll rebates of up to 4% of annual payroll for new full-time permanent employees.

Eliminates administrative oversight provisions, including application processes, compliance requirements, and enforcement mechanisms that were previously managed by the Arkansas Economic Development Commission and Department of Finance and Administration.