SB393 Summary

• Reappropriates balances from Act 221 of 2016 capital improvement appropriations to the Arkansas Economic Development Commission across multiple fund sources effective July 1, 2017

• Rural Services Division receives $7.2 million for grants to counties, municipalities, and eligible entities for cemetery maintenance, public buildings, community centers, parks, libraries, county fairs, and fire protection expenses

• General Improvement Fund allocates approximately $20.7 million for various economic development grants including industrial site development, workforce training, technology projects, and infrastructure improvements

• Bond Proceeds fund provides $225 million for economic development projects authorized under Amendment 82 to the Arkansas Constitution of 1874

• Economic Development Incentive Fund allocates $77.3 million for financial incentives to companies locating or expanding facilities in Arkansas, with additional allocations of $38.9 million for the Quick Action Closing Fund and $5 million for clean-burning motor fuel development