The Arkansas Economic Development Commission has proposed a number of revisions to its Consolidated Incentives Act rules. These proposed changes generally implement the numerous changes made by Act 327 of 2019, which was a once-in-a-decade updating of the Consolidated Incentives Act of 2003, Ark. Code Ann. §§ § 15-4-2701 et seq. This includes the main Arkansas economic development incentives: Tax Back, ArkPlus, Advantage Arkansas, Create Rebate, etc.
Businesses considering economic development projects should be careful that they understand and fit with the new law. In many cases the changes slightly expanded the incentives, but in some areas requirements were tightened (Tax Back, R&D credits).
For projects that predate Act 327 of 2019, DFA and AEDC are grandfathering them in under the prior law as in effect when the project started.
A hearing for the rules is scheduled for November 4, 2020, at 8:30 a.m. Central. Comments should be submitted by November 13, 2020.