SB240

Senate Bill 240 is an appropriation bill that allocates $37,500,000 to the Arkansas Economic Development Commission (AEDC). The funds are designated for the Economic Development Incentive Program to provide financial incentives to businesses. Specifically, these incentives are intended for companies that are either locating new facilities within Arkansas or expanding existing ones, as well as companies that meet specific employment maintenance requirements as stipulated in their financial agreements. The bill includes standard fiscal control measures, requiring compliance with state purchasing and budgetary laws. Additionally, it contains an emergency clause that sets an effective date of July 1, 2023, to ensure the continuity of these economic programs.