AR HB1082

Appropriates $25,000,000 to the Department of Commerce - Arkansas Economic Development Commission from the Economic Development Incentive Fund for financial incentives to companies locating new facilities or expanding existing facilities in Arkansas.

Funds are designated for companies that hire and maintain specified employment levels as identified in signed financial agreements with the Department of Commerce - Arkansas Economic Development Commission.

Appropriation is supplemental and in addition to funds previously appropriated by Act 228 of 2023.

Disbursement of funds must comply with the State Procurement Law, General Accounting and Budgetary Procedures Law, Revenue Stabilization Law, Regular Salary Procedures and Restrictions Act, and other applicable fiscal control laws and Department of Finance and Administration regulations.

Declares an emergency clause, making the act effective immediately upon passage and approval due to insufficient funds for the Department of Commerce - Arkansas Economic Development Commission to continue essential governmental services.