AR SB538

Expands the permitted uses of economic development tax funds to align with Arkansas Constitution Amendment 97 and Amendment 62, allowing fuller deployment of tax revenue for authorized economic development purposes

Defines "economic development project" to include manufacturing, research, recycling, distribution centers, call centers, warehouses, job training facilities, and corporate headquarters; defines "economic development service" as planning, marketing, and industrial park operations; and defines "infrastructure" including land acquisition, site preparation, road improvements, rail construction, and employee training

Allows economic development tax proceeds to fund construction of public facilities, establish local development programs, finance economic development projects, provide development services, and secure bond issuances by municipalities, counties, or corporations organized under the Public Corporations for Economic Development Act

Permits public corporations for economic development to contract with private enterprises to develop or operate economic development projects and services as defined under the amended law

Declares an emergency effective upon Governor approval to enable Arkansas to more effectively compete for economic development opportunities and job creation