AR SB314

Extends the closing date requirement for "qualified steel specialty products manufacturing facility" from July 1, 2023 to October 1, 2023 for income tax credit purposes under Arkansas Code § 26-51-506(b)(11)(G).

Requires taxpayers to certify and the state to verify that necessary capital acquisition and borrowing have occurred for site acquisition, engineering services, equipment purchase, and initial construction commencement.

Makes the amendment effective retroactively for tax years beginning on or after January 1, 2023.

Declares an emergency due to high inflation (6.5% Consumer Price Index increase and 10.4% food price increase), job availability needs, and the importance of completing major economic development projects that will bring high-paying jobs to Arkansas.

Establishes immediate effectiveness upon Governor approval, automatic expiration of veto period, or veto override by the last house.