The bill amends the Consolidated Incentive Act of 2003 to introduce a sales and use tax refund specifically for speculative development projects. It defines a "speculative development project" as a construction or modernization effort that includes at least 100,000 square feet of usable space and requires an investment of at least $25 million. Additionally, the bill mandates that if a qualified business enters into multiple financial incentive agreements concerning the same project, these agreements must be executed within 24 months of each other.

Furthermore, the bill establishes requirements for concurrent financial incentive agreements under various sections of the Consolidated Incentive Act, ensuring that businesses adhere to the specified timelines. The new provisions will take effect on October 1, 2025, thereby providing a structured approach to incentivizing large-scale development projects in Arkansas.

Statutes affected:
SB 465: 15-4-2705, 15-4-2706(d), 15-4-2706, 15-4-2707