AR SB240

Appropriates $37,500,000 from the Economic Development Incentive Fund to the Department of Commerce - Arkansas Economic Development Commission for financial incentives to companies locating new facilities or expanding existing facilities in Arkansas.

Incentives are contingent on companies hiring and maintaining specified employment levels as identified in signed financial agreements with the Department of Commerce.

Agencies may supplement State Treasury funds with grants, donations, Federal funds, or unobligated cash income to finance project costs.

Requires strict compliance with state purchasing laws, accounting procedures, revenue stabilization laws, and Department of Finance and Administration regulations in disbursement of funds.

Effective July 1, 2023 as emergency legislation necessary for operation of the agency and provision of essential government programs.