An act TO ENCOURAGE THE AWARD OF ECONOMIC DEVELOPMENT 10 FUNDING TO NEW BUSINESSES AND BUSINESSES ESTABLISHED 11 WITHIN THE PREVIOUS FIVE YEARS, the official text

Stricken language would be deleted from and underlined language would be added to present law.

1 State of Arkansas                              A Bill
2 95th General Assembly

3 Regular Session, 2025                                         HOUSE BILL 1372

4

5 By: Representatives Pilkington, J. Richardson

6 By: Senator K. Hammer

7

8                         For An Act To Be Entitled

9              AN ACT TO ENCOURAGE THE AWARD OF ECONOMIC DEVELOPMENT

10             FUNDING TO NEW BUSINESSES AND BUSINESSES ESTABLISHED

11             WITHIN THE PREVIOUS FIVE YEARS; AND FOR OTHER

12             PURPOSES.

13

14

15                                               Subtitle

16                       TO ENCOURAGE THE AWARD OF ECONOMIC

17                       DEVELOPMENT FUNDING TO NEW BUSINESSES

18                       AND BUSINESSES ESTABLISHED WITHIN THE

19                       PREVIOUS FIVE YEARS.

20

21 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:

22

23  SECTION 1. Arkansas Code Title 15, Chapter 4, Subchapter 2, is amended

24 to add an additional section to read as follows:

25  15-4-221. Encouragement of award of economic development funding to

26 new businesses and businesses that have been in operation for less than five

27 (5) years.

28  The Arkansas Economic Development Commission shall encourage that at

29 least five percent (5%) of funding budgeted for economic development

30 programs, including without limitation community development block grants, go

31 towards supporting organizations or programs:

32             (1) For individuals starting new businesses in this state; or

33             (2) That provide services to businesses established within the

34 previous five (5) years whose principal place of business is in this state.

35

36  SECTION 2. DO NOT CODIFY. TEMPORARY LANGUAGE. This act is effective

    *MBM108*                                                    01/31/2025 2:59:45 PM MBM108
 1 on and after January 1, 2027.                                                                                   HB1372
 2                                                                                 01/31/2025 2:59:45 PM MBM108
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