SJR15

This Senate Joint Resolution proposes an amendment to the Arkansas Constitution to facilitate state-wide economic development. It authorizes the General Assembly to establish 'economic development districts' within cities, counties, or cooperative areas. These districts are granted the authority to issue bonds to finance specific economic development projects, such as manufacturing, industrial, or sports facilities, without being subject to certain constitutional debt limits or tax provisions. The amendment allows local governments to provide funding or lend credit to these districts, which was previously restricted. Additionally, property within these designated districts may be exempt from standard property taxation, except for taxes levied by the district itself. The proposal also includes provisions for the state to make loans and grants for economic diversification and infrastructure improvement. If approved by the voters, this amendment would take effect on January 1, 2027.