AR SB464

Establishes the Natural State Initiative Pilot Program to promote Arkansas's outdoor recreation industry and recruit outdoor recreation businesses to the state.

Creates up to four Natural State Initiative Opportunity Zones located within or up to one-eighth mile outside state parks, cultural sites, or educational centers, designated by the Director of the Arkansas Economic Development Commission.

Reduces minimum investment requirements for eligible companies locating in Natural State Initiative Opportunity Zones to $250,000 in high-unemployment counties and $500,000 in other counties (versus standard $500,000 and $1,000,000 requirements).

Adds restaurants located within Natural State Initiative Opportunity Zones to the definition of qualifying tourism attractions and allows lodging facilities within these zones to exceed the 60% cost limitation.

Requires the Arkansas Economic Development Commission and Department of Parks, Heritage, and Tourism to jointly develop and administer the program, establishing opportunity zones through rulemaking consistent with the Arkansas Administrative Procedure Act.