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 1659
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5 By: Representatives Pilkington, J. Richardson
6 By: Senator C. Penzo
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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.
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15 Subtitle
16 TO ENCOURAGE THE AWARD OF ECONOMIC
17 DEVELOPMENT FUNDING TO NEW BUSINESSES AND
18 BUSINESSES ESTABLISHED WITHIN THE
19 PREVIOUS FIVE YEARS.
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22 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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24 SECTION 1. Arkansas Code Title 15, Chapter 4, Subchapter 2, is amended
25 to add an additional section to read as follows:
26 15-4-221. Encouragement of award of economic development funding to
27 new businesses and businesses that have been in operation for less than five
28 (5) years.
29 The Arkansas Economic Development Commission shall encourage that at
30 least five percent (5%) of funding budgeted for economic development
31 programs, including without limitation community development block grants, go
32 towards supporting organizations or programs:
33 (1) For individuals starting new businesses in this state; or
34 (2) That provide services to businesses established within the
35 previous five (5) years whose principal place of business is in this state.
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 HB1659
1 SECTION 2. DO NOT CODIFY. TEMPORARY LANGUAGE. This act is effective
2 on and after January 1, 2025.
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