Arkansas legislation · 95th General Assembly (2025 Regular)
Arkansas SB465: TO PROVIDE FOR A SALES AND USE TAX REFUND FOR A SPECULATIVE DEVELOPMENT PROJECT; AND TO REQUIRE CONCURRENT FINANCIAL INCENTIVE AGREEMENTS UNDER THE CONSOLIDATED INCENTIVE ACT OF 2003
Status: Failed, May 5, 2025
What the bill says
An act to be entitled an act to amend the consolidated incentive act of 2003; to provide for a sales and use tax refund for a speculative development project; to require concurrent financial incentive agreements under the consolidated incentive act of 2003 in certain circumstances; and for other purposes. subtitle to provide for a sales and use tax refund for a speculative development project; and to require concurrent financial incentive agreements under the consolidated incentive act of 2003.
From the introduced text:
An Act To Be Entitled AN ACT TO AMEND THE CONSOLIDATED INCENTIVE ACT OF 2003; TO PROVIDE FOR A SALES AND USE TAX REFUND FOR A SPECULATIVE DEVELOPMENT PROJECT; TO REQUIRE CONCURRENT FINANCIAL INCENTIVE AGREEMENTS UNDER THE CONSOLIDATED INCENTIVE ACT OF 2003 IN CERTAIN CIRCUMSTANCES; AND FOR OTHER PURPOSES. Subtitle TO PROVIDE FOR A SALES AND USE TAX REFUND FOR A SPECULATIVE DEVELOPMENT PROJECT; AND TO REQUIRE CONCURRENT FINANCIAL INCENTIVE AGREEMENTS UNDER THE CONSOLIDATED INCENTIVE ACT OF 2003. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. Arkansas Code § 15-4-2705, concerning the job-creation tax credit under the Consolidated Incentive Act of 2003, is amended to add an additional subsection to read as follows: (i) If a qualified business executes a financial incentive agreement under this section and under § 15-4-2706 that concern the same project, the financial incentive agreement executed under this section shall be executed within twenty-four (24) months of the execution of the financial incentive agreement under § 15-4-2706. SECTION 2. Arkansas Code § 15-4-2706(d), concerning state and local sales and use tax refunds under the Consolidated Incentive Act of 2003, is *JLL296* 03/14/2025 7:31:45 AM JLL296 SB465 amended to add an additional subdivision to read as follows: (6)(A) For purposes of this subsection, a developer of a speculative development project is …