This bill mandates the creation of a new section in the Arkansas Code, specifically 15-4-221, which requires the Director of the Arkansas Economic Development Commission to file an annual report by January 1 of each year. The report will detail the percentage and total dollar amount of economic development funding, including community development block grants, that supports organizations or programs for individuals starting new businesses or for businesses established within the previous five years in Arkansas. The report must be submitted to the Governor and the relevant House and Senate committees.

Additionally, the bill specifies that the first annual report under this new section is due by January 1, 2025. This initiative aims to enhance transparency and accountability regarding economic development funding directed towards new and recently established businesses in the state.