The proposed 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. This report will detail the percentage and total dollar amount of economic development funding, including community development block grants, that supports organizations or programs aimed at individuals starting new businesses or those that provide services to businesses established within the previous five years in Arkansas.

Additionally, the bill specifies that the report must be submitted to the Governor and the relevant House and Senate committees on Insurance and Commerce. The first annual report under this new requirement is scheduled to be due by January 1, 2027. This initiative aims to enhance transparency and accountability regarding economic development funding directed towards new and recently established businesses in the state.