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Senate panel reviews Nucor-backed bill to extend InvestArk deadlines amid COVID delays
Summary
Senate Bill 566 would give qualifying projects approved under the InvestArk sales‑tax credit program an extra 24 months to finish work delayed by the COVID pandemic. Nucor and DFA witnesses said credits won’t be paid unless the Arkansas Economic Development Commission finds a positive state revenue impact; committee deferred final action pending a revised DFA fiscal impact.
Senate Bill 566, sponsored at the hearing by Senator Dave Wallace (District 22), would allow qualifying projects approved under the InvestArk sales‑tax credit program additional time to complete investments that were delayed by the COVID‑19 pandemic.
Wallace told the Senate Revenue & Tax Committee that some projects approved before InvestArk’s 2017 sunset could not be completed on time because of pandemic‑related disruptions and that the amendment the committee adopted extends project completion deadlines by 24 months. "We only need 24 months to finish these projects," Wallace said, adding that credits cannot be claimed until work is complete and until the…
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