AR HB1669

Waives filing fees, permit fees, licensing fees, and registration costs for eligible new businesses for the first 5 years, provided the business owners have not owned a business entity in Arkansas during the 5 years before registration.

Defines eligible new businesses as domestic corporations, Arkansas limited liability companies, or other business entities headquartered in Arkansas that are newly formed and registered.

Creates the Arkansas Entrepreneur Extension Program allowing eligible new businesses to defer annual income tax payments for up to 5 years if they apply within 12 months of Secretary of State registration.

Excludes criminal background checks, examinations, tests, and medical or drug screenings from fee waivers.

Requires the Secretary of the Department of Finance and Administration to establish an application process and promulgate rules to implement the program, effective January 1, 2024.