HB1922

House Bill 1922 amends the Consolidated Incentive Act of 2003 to provide significant tax incentives for corporations that relocate their headquarters to Arkansas. The bill establishes a new category of income tax credits, which can be as high as 50% of the payroll for new, full-time permanent employees. To qualify, companies must meet specific investment, job creation, and wage requirements, which are tiered based on the economic classification of the county where the headquarters relocates. The Arkansas Economic Development Commission is responsible for evaluating the potential positive cost-benefit impact before approving these agreements. The credits are phased out over ten years, starting at 100% of income tax liability offset and decreasing to 0% by the tenth year. Additionally, the bill mandates strict annual certification and audit procedures for companies to receive the credits. Finally, it modifies administration rules to accommodate these new relocation-specific incentives.