HB1923

House Bill 1923 proposes amendments to the Arkansas Tourism Development Act regarding eligibility requirements for tourism attraction projects located within Natural State Initiative Opportunity Zones. The bill significantly lowers the minimum capital investment thresholds required for businesses to qualify as eligible companies under the act. Specifically, in high-unemployment counties, the required investment is reduced from $250,000 to $50,000. In all other counties, the threshold is lowered from $500,000 to $150,000. Additionally, the bill clarifies the geographic boundaries for Natural State Initiative Opportunity Zones, establishing that these zones must be located within or within one-eighth of a mile of a state park, cultural site, historic site, or cultural or educational center.