Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate panel approves tax credit to encourage large in-state business investments
Summary
The Senate Revenue & Tax Committee voted to pass House Bill 1935, creating a tax credit for existing Arkansas businesses that invest at least $25 million to expand or modernize facilities; the measure includes payroll-maintenance requirements, clawback provisions and a multi-year credit carryforward.
The Senate Revenue & Tax Committee approved House Bill 1935 on a voice vote after extended questioning about enforcement and fiscal risk. The bill would create a tax credit available to businesses that have operated continuously in Arkansas for at least two years and that incur a minimum of $25 million in eligible project costs for new construction, expansion or modernization. The credit would be up to 5% of eligible costs, with a maximum of $2 million usable in any fiscal year and unused credits carryable for up to five years.
Supporters said the measure is aimed at retaining existing employers and encouraging large-scale reinvestment in facilities already in Arkansas, rather than incentivizing relocation. "We have…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
