HB1659

To Encourage The Award Of Economic Development Funding To New Businesses And Businesses Established Within The Previous Five Years.

Failed

Last Action (May 1, 2023): Died on Senate Calendar at Sine Die adjournment.

AI-Generated Summary

House Bill 1659 directs the Arkansas Economic Development Commission to prioritize a portion of economic development funding for new or young businesses. Specifically, the bill mandates that the Commission encourage that at least five percent of its budgeted economic development program funds—including community development block grants—be allocated to support individuals starting new businesses or organizations that provide services to businesses established within the previous five years. To qualify, these businesses must have their principal place of business in Arkansas. The legislation is set to take effect on January 1, 2025. This measure aims to bolster the local startup and early-stage business ecosystem by ensuring dedicated financial support.

Potential Impact Analysis

Who Might Benefit?

The primary beneficiaries include entrepreneurs starting new businesses in Arkansas and companies that have been in operation for five years or less. Additionally, business support organizations, incubators, and service providers that specifically assist these early-stage businesses will benefit from the increased availability of funding directed toward their client base.

Who Might Suffer?

Established businesses that have been in operation for more than five years may be negatively impacted, as the bill effectively encourages the redirection of at least five percent of economic development funds toward younger enterprises. This could potentially reduce the total pool of competitive grant or funding opportunities available to mature companies that would otherwise have been eligible for those specific financial resources.

Vote Records

Third Reading

March 30, 2023

Yea: 74 Nay: 12 NV: 14 Absent: 0 Passed

View individual votes (100)

Legislator	Party	Chamber	Vote
Fred Allen	Democrat	House	NV
Lane Jean	Republican	House	Nay
Stephen Meeks	Republican	House	Yea
Mark Perry	Democrat	House	Yea
Jon Eubanks	Republican	House	Yea
Matthew Shepherd	Republican	House	NV
Jeff Wardlaw	Republican	House	NV
Bruce Cozart	Republican	House	Yea
David Whitaker	Democrat	House	Nay
Deborah Ferguson	Democrat	House	Yea
Charlene Fite	Republican	House	Yea
Mike Holcomb	Republican	House	NV
Stephen Magie	Democrat	House	Yea
Mark McElroy	Republican	House	Yea
Josh Miller	Republican	House	Yea
Richard Womack	Republican	House	Nay
Jack Ladyman	Republican	House	Yea
Robin Lundstrum	Republican	House	Nay
Dwight Tosh	Republican	House	Nay
Lanny Fite	Republican	House	Yea
Grant Hodges	Republican	House	Yea
Rick Beck	Republican	House	Yea
Mary Bentley	Republican	House	Yea
Les Eaves	Republican	House	Yea
Justin Gonzales	Republican	House	NV
Julie Mayberry	Republican	House	NV
Ken Ferguson	Democrat	House	NV
Ron Mcnair	Republican	House	Yea
Milton Nicks	Democrat	House	Yea
Marcus Richmond	Republican	House	NV
Vivian Flowers	Democrat	House	Yea
Deann Vaught	Republican	House	Nay
Karilyn Brown	Republican	House	Yea
Sonia Eubanks Barker	Republican	House	Yea
Frances Cavenaugh	Republican	House	Yea
Jack Fortner	Republican	House	Yea
Jimmie Gazaway	Republican	House	Nay
Roger Lynch	Republican	House	Yea
John Maddox	Republican	House	Yea
Aaron Pilkington	Republican	House	Yea
Johnny Rye	Republican	House	Yea
Les Warren	Republican	House	Yea
Danny Watson	Republican	House	Yea
Carlton Wing	Republican	House	NV
Austin Mccollum	Republican	House	NV
Carol Dalby	Republican	House	Yea
Steve Hollowell	Republican	House	Yea
Brian Evans	Republican	House	Yea
Lee Johnson	Republican	House	Yea
Andrew Collins	Democrat	House	Yea
Stan Berry	Republican	House	Yea
Harlan Breaux	Republican	House	NV
Cameron Cooper	Republican	House	Yea
Nicole Clowney	Democrat	House	Yea
Cindy Crawford	Republican	House	Yea
Denise Garner	Democrat	House	Yea
Tippi McCullough	Democrat	House	Yea
Jay Richardson	Democrat	House	Yea
Jamie Scott	Democrat	House	NV
Jim Wooten	Republican	House	Yea
Denise Ennett	Democrat	House	Yea
Richard McGrew	Republican	House	Yea
Joy Springer	Democrat	House	Yea
Howard Beaty	Republican	House	Yea
Tony Furman	Republican	House	Yea
Kendon Underwood	Republican	House	Yea
David Ray	Republican	House	Nay
Mark Berry	Republican	House	Yea
John Carr	Republican	House	Yea
Rick McClure	Republican	House	Yea
Keith Brooks	Republican	House	Yea
Delia Haak	Republican	House	Yea
Ashley Hudson	Democrat	House	Yea
Jon Milligan	Republican	House	Yea
RJ Hawk	Republican	House	Yea
Wade Andrews	Republican	House	Yea
Rebecca Burkes	Republican	House	NV
DeAnna Hodges	Republican	House	Yea
Hope Duke	Republican	House	Nay
Zack Gramlich	Republican	House	Yea
Mindy McAlindon	Republican	House	NV
Matt Duffield	Republican	House	Yea
Stetson Painter	Republican	House	Yea
Steve Unger	Republican	House	Yea
Wayne Long	Republican	House	Yea
Scott Richardson	Republican	House	Nay
Brandon Achor	Republican	House	Yea
Jeremiah Moore	Republican	House	Nay
Joey Carr	Republican	House	Yea
Matt Brown	Republican	House	Yea
Shad Pearce	Republican	House	Yea
Chad Puryear	Republican	House	Nay
Ryan Rose	Republican	House	Yea
Bart Schulz	Republican	House	Yea
Trey Steimel	Republican	House	Yea
Tara Shephard	Democrat	House	Yea
Jeremy Wooldridge	Republican	House	Yea
Kendra Moore	Republican	House	Yea
Brit McKenzie	Republican	House	Yea
Steven Walker	Republican	House	Yea

Read Full Bill on arkleg.state.ar.us