Bill Summary – FastDemocracy

Stricken language would be deleted from and underlined language would be added to present law.
 1   State of Arkansas
 2   94th General Assembly                           A Bill
 3   Regular Session, 2023                                                             HOUSE BILL 1658
 4
 5   By: Representatives Pilkington, J. Richardson
 6   By: Senator C. Penzo
 7
 8                                     For An Act To Be Entitled
 9                   AN ACT TO REQUIRE A REPORT CONCERNING ECONOMIC
10                   DEVELOPMENT FUNDING SUPPORTING ORGANIZATIONS OR
11                   PROGRAMS FOR INDIVIDUALS STARTING NEW BUSINESSES OR
12                   BUSINESSES ESTABLISHED WITHIN THE PREVIOUS FIVE
13                   YEARS; AND FOR OTHER PURPOSES.
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15
16                                                   Subtitle
17                           TO REQUIRE A REPORT CONCERNING ECONOMIC
18                           DEVELOPMENT FUNDING SUPPORTING
19                           ORGANIZATIONS OR PROGRAMS FOR NEW
20                           BUSINESSES OR BUSINESSES ESTABLISHED
21                           WITHIN THE PREVIOUS FIVE YEARS.
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23
24   BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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26            SECTION 1.      Arkansas Code Title 15, Chapter 4, Subchapter 2, is amended
27   to add an additional section to read as follows:
28            15-4-221.      Report concerning funds supporting organizations or programs
29   for new businesses or businesses established within the previous five (5)
30   years.
31            (a)   By January 1 of each year the the Director of the Arkansas
32   Economic Development Commission shall file an annual report that includes
33   without limitation:
34                   (1)     The percentage of economic development funding, including
35   without limitation community development block grants, supporting
36   organizations or programs:
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                                                                                      HB1658
 1                          (A)   For individuals starting new businesses in this state;
 2   or
 3                          (B)   That provide services to businesses established within
 4   the previous five (5) years whose principal place of business is in this
 5   state; and
 6                  (2)    The total dollar amount of economic development funding,
 7   including without limitation community development block grants, supporting
 8   organizations or programs:
 9                          (A)   For individuals starting new businesses in this state;
10   or
11                          (B)   That provide services to businesses established within
12   the previous five (5) years and whose principal place of business is in this
13   state.
14            (b)   The annual report under subsection (a) of this section shall be
15   filed with the:
16                  (1)    Governor;
17                  (2)    House Committee on Insurance and Commerce; and
18                  (3)    Senate Committee on Insurance and Commerce.
19
20            SECTION 2.    DO NOT CODIFY.   TEMPORARY LANGUAGE.   The first annual
21   report under § 15-4-221 is due by January 1, 2025.
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