The bill amends the Water Resource Conservation and Development Incentives Act to expand the eligibility for the income tax credit for surface water conversion projects to include Chicot County. Specifically, it modifies Arkansas Code 26-51-1008(a) by removing the requirement that eligible projects must be located only in counties contiguous to those designated as critical groundwater areas, thereby allowing projects in Chicot County to qualify for the tax credit aimed at reducing groundwater use through the substitution of surface water.

Additionally, the bill establishes an effective date for these changes, stating that the amendments will apply to tax years beginning on or after January 1, 2023. This legislative update aims to promote water conservation efforts in Chicot County by providing financial incentives for projects that utilize surface water for various purposes, including industrial, commercial, agricultural, or recreational activities.

Statutes affected:
HB 1624: 26-51-1008(a)
Act 814: 26-51-1008(a)