Shown verbatim: the complete text as captured from the official PDF posted by the Arkansas General Assembly, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
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 SENATE BILL 465
4
5 By: Senator B. Davis
6 By: Representative Dalby
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8 For An Act To Be Entitled
9 AN ACT TO AMEND THE CONSOLIDATED INCENTIVE ACT OF
10 2003; TO PROVIDE FOR A SALES AND USE TAX REFUND FOR A
11 SPECULATIVE DEVELOPMENT PROJECT; TO REQUIRE
12 CONCURRENT FINANCIAL INCENTIVE AGREEMENTS UNDER THE
13 CONSOLIDATED INCENTIVE ACT OF 2003 IN CERTAIN
14 CIRCUMSTANCES; AND FOR OTHER PURPOSES.
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17 Subtitle
18 TO PROVIDE FOR A SALES AND USE TAX
19 REFUND FOR A SPECULATIVE DEVELOPMENT
20 PROJECT; AND TO REQUIRE CONCURRENT
21 FINANCIAL INCENTIVE AGREEMENTS UNDER THE
22 CONSOLIDATED INCENTIVE ACT OF 2003.
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24 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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26 SECTION 1. Arkansas Code � 15-4-2705, concerning the job-creation tax
27 credit under the Consolidated Incentive Act of 2003, is amended to add an
28 additional subsection to read as follows:
29 (i) If a qualified business executes a financial incentive agreement
30 under this section and under � 15-4-2706 that concern the same project, the
31 financial incentive agreement executed under this section shall be executed
32 within twenty-four (24) months of the execution of the financial incentive
33 agreement under � 15-4-2706.
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35 SECTION 2. Arkansas Code � 15-4-2706(d), concerning state and local
36 sales and use tax refunds under the Consolidated Incentive Act of 2003, is
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SB465
1 amended to add an additional subdivision to read as follows:
2 (6)(A) For purposes of this subsection, a developer of a
3 speculative development project is a qualified business if the developer:
4 (i) Invests at least twenty-five million dollars
5 ($25,000,000) in the speculative development project, including without
6 limitation the land, buildings, and equipment used in the speculative
7 development project; and
8 (ii) Meets the requirements stated for a qualified
9 business under subdivisions (d)(1)-(5) of this section.
10 (B) As used in this subdivision (d)(6), "speculative
11 development project" means the construction, development, or modernization of
12 a basic structure of flexible design that:
13 (i) Is erected for the eventual sale or lease to a
14 purchaser or tenant requiring appropriate facilities; and
15 (ii) Has at least one hundred thousand (100,000)
16 square feet of usable space.
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18 SECTION 3. Arkansas Code � 15-4-2706, concerning investment tax
19 credits under the Consolidated Incentive Act of 2003, is amended to add an
20 additional subsection to read as follows:
21 (f) If a qualified business executes a financial incentive agreement
22 under this section and under � 15-4-2705 or � 15-4-2707 that concern the same
23 project, the financial incentive agreement executed under this section shall
24 be executed within twenty-four (24) months of the execution of the financial
25 incentive agreement under � 15-4-2705 or � 15-4-2707.
26
27 SECTION 4. Arkansas Code � 15-4-2707, concerning the Economic
28 Development Incentive Fund, is amended to add an additional subsection to
29 read as follows:
30 (f) If a qualified business executes a financial incentive agreement
31 under this section and under � 15-4-2706 that concern the same project, the
32 financial incentive agreement executed under this section shall be executed
33 within twenty-four (24) months of the execution of the financial incentive
34 agreement under � 15-4-2706.
35
36 SECTION 5. EFFECTIVE DATE. Sections 1-4 of this act are effective on
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1 and after October 1, 2025. SB465
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3Every fact on this page links to its source, starting with the official bill record.