SB278 Summary

• Reappropriates unspent balances from Act 117 of 2020 for the Department of Commerce - Arkansas Economic Development Commission, effective July 1, 2021.

• Allocates $37.5 million for financial incentives to companies locating new facilities or expanding existing facilities in Arkansas through the Economic Development Incentive Fund.

• Reappropriates approximately $20.6 million for the Quick Action Closing Fund to attract new business and economic development to the state.

• Reappropriates $75 million for transfer to the Economic Development Incentive Quick Action Closing Fund and $27.9 million for capital improvement projects including public buildings, parks, recreation centers, and infrastructure.

• Establishes spending controls requiring compliance with state purchasing laws and fiscal procedures, with an emergency clause making the act effective July 1, 2021.