Arkansas Industrial Development Act

The act governs a state industrial development incentive program administered by a public authority, and sets out that body's basic governance — staffing, funding, conflict-of-interest restrictions, and the personal liability of its directors and officers. It establishes standards the authority applies in approving eligible companies and projects, and authorizes it to enter into agreements with approved companies that fix time limits, identify eligible project costs (including costs of remediating property), require documentation of expenditures, and give the authority remedies, including suspension of benefits, if a company fails to comply. The inducements themselves run through the tax system: tax credits for approved companies plus an assessment on the gross wages of employees at approved projects with corresponding credits for those employees, administered with the state revenue agency.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.