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Senate committee approves HB 1490 to update Consolidated Incentive Act thresholds and NAICS codes
Summary
House Bill 1490 passed the Senate Agriculture, Forestry & Economic Development committee; the bill amends the Consolidated Incentive Act across 11 statutory locations to update eligibility thresholds, align NAICS classifications, and implement a tiered structure based on local economic indicators.
The Arkansas Senate Agriculture, Forestry & Economic Development Committee passed House Bill 1490 (HB 1490), an omnibus amendment to the Consolidated Incentive Act that adjusts parameters and eligibility thresholds across 11 incentive programs and updates North American Industry Classification System (NAICS) codes.
Sponsor Senator Pitch said HB 1490 does not create new incentive programs but updates statute to bring thresholds and parameters in line with more recent economic conditions; he described the measure as an omnibus cleanup across many sections of existing law. The bill revises eligibility…
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