HB1779

House Bill 1779 amends the Arkansas Wood Energy Products and Forest Maintenance Income Tax Credit to allow for tax credits regarding 'expansion projects' in addition to original 'qualified' projects. It establishes specific criteria for these expansion projects, including a requirement for at least $50 million in total investment and the creation of at least 100 new full-time jobs with an average annual wage of $60,000. The bill updates definitions to include businesses that utilize low-value wood products, such as sawmill residuals and forest thinnings, to produce high-energy wood products. It sets a deadline for expansion projects to have a closing date before December 31, 2025. Additionally, the bill outlines procedures for the handling, sale, and transfer of these tax credits, particularly regarding public retirement systems that hold an interest in these projects. It mandates that the State of Arkansas will purchase certain tax credits held by public retirement systems at 80% of their face value.