SB 331 Summary

• Appropriates $92.5 million total from the General Improvement Fund to the Arkansas Economic Development Commission for various economic development purposes.

• Allocates $50 million to the Economic Development Incentive Quick Action Closing Fund for attracting new businesses and $37.5 million for financial incentives to companies locating or expanding facilities in Arkansas.

• Provides $3 million for workforce training incentives, $20 million for public works and job training grants/loans, and $10 million for economic stimulus activities throughout the state.

• Allocates $7 million for bond payments on economic development projects under Amendment 82, $2 million to the Arkansas Acceleration Fund for business technology accelerators, and $500,000 for strategic economic development planning.

• Takes effect July 1, 2017 and was approved on March 13, 2017.