SB363 Summary

• Appropriates $75,000,000 to the Economic Development Incentive Quick Action Closing Fund for business attraction and economic development incentives.

• Appropriates $30,000,000 for grants and loans to support public works projects, job training, industrial site development, intermodal facilities, environmental mitigation, and water/sewer system improvements.

• Appropriates $37,500,000 in financial incentives to companies locating new facilities or expanding existing facilities in Arkansas with specified employment levels.

• Allocates remaining funds totaling $97,000,000 across workforce training ($3M), economic stimulus ($15M), community improvements ($5M), public safety ($10M), vital infrastructure ($22M), grant matching ($10M), public buildings and community facilities ($30M), and bond payments for economic development projects ($7M).

• Effective July 1, 2021, with all disbursements subject to state purchasing laws, accounting procedures, and revenue stabilization laws unless otherwise specified by law.