SB314

Senate Bill 314 amends Arkansas law regarding the income tax credit available for waste reduction, reuse, or recycling equipment. Specifically, it modifies the definition of a 'qualified steel specialty products manufacturing facility' by extending the required certification closing date from July 1, 2023, to October 1, 2023. This extension applies to the verification of capital acquisition and borrowing necessary for securing a site, engineering services, equipment purchasing, and initial construction. The bill includes an emergency clause, citing current inflationary pressures and the need to support job creation through economic development projects. The act is made effective for tax years beginning on or after January 1, 2023.