HB1375
To Require A Report Concerning Funds Supporting Programs For Individuals Starting New Businesses Or Businesses Established Within The Previous Five Years.
Last Action (Feb. 3, 2025): WITHDRAWN BY AUTHOR
Sponsors
AI-Generated Summary
House Bill 1375 mandates that the Secretary of the Arkansas Department of Commerce file an annual report regarding workforce development funding. The report must detail the percentage and total dollar amount of funds allocated to programs that support individuals starting new businesses or businesses established within the last five years in Arkansas. This reporting requirement covers funding allocated by workforce development boards throughout the state. The finalized report must be submitted annually by January 1 to the Governor, the House Committee on Insurance and Commerce, and the Senate Committee on Insurance and Commerce. The inaugural report is required to be submitted by January 1, 2027.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries include state legislators, the Governor, and policymakers who will receive increased data regarding the allocation of workforce development funds. Entrepreneurs, individuals starting new businesses, and owners of young businesses (less than five years old) may also benefit, as the transparency provided by this reporting could lead to more informed legislative decisions, potentially resulting in better targeting or distribution of resources for business development.
Who Might Suffer?
The primary groups negatively impacted are the staff within the Department of Commerce and various workforce development boards throughout the state, who will face increased administrative burdens and operational costs associated with tracking, auditing, and compiling the required financial data for the annual report. There is no direct negative impact on the general public or specific demographics.
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