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Act 82 of the Fiscal Session
1 State of Arkansas
2 94th General Assembly A Bill
3 Fiscal Session, 2024 HOUSE BILL 1082
4
5 By: Joint Budget Committee
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7 For An Act To Be Entitled
8 AN ACT TO MAKE AN APPROPRIATION FOR THE ECONOMIC
9 DEVELOPMENT INCENTIVE PROGRAM WHICH SHALL BE
10 SUPPLEMENTAL AND IN ADDITION TO THOSE FUNDS
11 APPROPRIATED BY ACT 228 OF 2023; AND FOR OTHER
12 PURPOSES.
13
14
15 Subtitle
16 AN ACT FOR THE DEPARTMENT OF COMMERCE -
17 ARKANSAS ECONOMIC DEVELOPMENT COMMISSION
18 SUPPLEMENTAL APPROPRIATION.
19
20
21 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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23 SECTION 1. APPROPRIATION - ECONOMIC DEVELOPMENT INCENTIVE PROGRAM -
24 CREATE REBATE. There is hereby appropriated, to the Department of Commerce -
25 Arkansas Economic Development Commission, to be payable from the Economic
26 Development Incentive Fund for financial incentives to companies locating a
27 new facility or expanding an existing facility with the State of Arkansas and
28 for companies that hire and maintain specified levels of employment, as
29 identified in signed financial agreements with the Department of Commerce -
30 Arkansas Economic Development Commission, the sum of.......... $25,000,000.
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32 SECTION 2. COMPLIANCE WITH OTHER LAWS. Disbursement of funds
33 authorized by this act shall be limited to the appropriation for such agency
34 and funds made available by law for the support of such appropriations; and
35 the restrictions of the State Procurement Law, the General Accounting and
36 Budgetary Procedures Law, the Revenue Stabilization Law, the Regular Salary
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HB1082
1 Procedures and Restrictions Act, or their successors, and other fiscal
2 control laws of this State, where applicable, and regulations promulgated by
3 the Department of Finance and Administration, as authorized by law, shall be
4 strictly complied with in disbursement of said funds.
5
6 SECTION 3. LEGISLATIVE INTENT. It is the intent of the General
7 Assembly that any funds disbursed under the authority of the appropriations
8 contained in this act shall be in compliance with the stated reasons for
9 which this act was adopted, as evidenced by the Agency Requests, Executive
10 Recommendations and Legislative Recommendations contained in the budget
11 manuals prepared by the Department of Finance and Administration, letters, or
12 summarized oral testimony in the official minutes of the Arkansas Legislative
13 Council or Joint Budget Committee which relate to its passage and adoption.
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15 SECTION 4. EMERGENCY CLAUSE. It is found and determined by the General
16 Assembly, that funds provided by the General Assembly for the operations of
17 the Department of Commerce - Arkansas Economic Development Commission are,
18 due to unforeseen circumstances, insufficient for the Department of Commerce
19 - Arkansas Economic Development Commission to continue to provide essential
20 governmental services; that the provisions of this act will provide the
21 necessary monies for the Department of Commerce - Arkansas Economic
22 Development Commission to continue such services; and that a delay in the
23 effective date of this Act could work irreparable harm upon the proper
24 administration and provision of essential governmental programs. Therefore,
25 an emergency is hereby declared to exist and this Act being necessary for the
26 immediate preservation of the public peace, health and safety shall be in
27 full force and effect from and after the date of its passage and approval.
28 If the bill is neither approved nor vetoed by the Governor, it shall
29 become effective on the expiration of the period of time during which the
30 Governor may veto the bill. If the bill is vetoed by the Governor and the
31 veto is overridden, it shall become effective on the date the last house
32 overrides the veto.
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35 APPROVED: 4/25/24
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