SB464

Senate Bill 464 establishes the 'Natural State Initiative Pilot Program' to incentivize investment in outdoor recreation and tourism infrastructure. The bill creates 'Natural State Initiative Opportunity Zones,' which are defined as areas within or near state parks, cultural, or historic sites. Businesses investing in these zones are eligible for lower minimum capital investment thresholds to qualify for tourism development incentives. Furthermore, the bill expands the definition of 'tourism attraction' to include restaurants within these zones and provides exemptions for certain lodging facilities located in these areas. The program is to be administered by the Arkansas Economic Development Commission in collaboration with the Department of Parks, Heritage, and Tourism. The legislative intent is to leverage Arkansas's natural resources to foster economic growth within the outdoor recreation sector.