The bill seeks to enhance the independence and operational efficiency of the Arkansas Development Finance Authority (ADFA) by transferring it out of the Department of Commerce, allowing it to operate as an independent entity. It introduces new subsections that focus on the ADFA's role in addressing the housing crisis, reducing governmental regulation, and improving operational performance without relying on tax revenues. The ADFA will be exempt from certain state regulations, including the Arkansas Administrative Procedure Act, and will have the authority to conduct financial transactions without prior state approval.

Additionally, the bill modifies existing governance and financial operation provisions for the ADFA, allowing it to appoint its own officers and set their compensation. It clarifies that the ADFA's revenues are not considered public funds under the Arkansas Procurement Law and updates the definition of "state agency" to include the ADFA. The legislation also excludes the ADFA from the definition of "agency" under the Administrative Procedure Act and clarifies its legal representation requirements. Furthermore, it updates the Arkansas low-income housing tax credit to be non-refundable and carry forward to subsequent years, with an emergency clause for the act to take effect on July 1, 2025.

Statutes affected:
Old version HB1797 V2 - 4-7-2025 06:58 PM: 15-5-102, 15-5-104, 15-5-202(e), 15-5-207(b), 15-5-209(a), 15-5-209(c), 15-5-212(a), 15-5-303, 15-4-604, 15-4-605, 15-4-608, 15-4-701, 15-22-301, 15-5-409(c), 04-07-2025, 15-5-409(e), 19-4-801(2), 19-9-606, 19-11-203(13), 19-11-203(23), 21-4-203(12), 21-5-204(a), 21-5-410(a), 22-6-601(a), 22-8-206, 25-15-202(2), 25-16-702(a), 25-16-702, 25-43-302(a), 26-51-1702(c)
Old version HB1797 V3 - 4-9-2025 03:20 PM: 15-5-102, 15-5-104, 15-5-202(e), 15-5-207(b), 15-5-209(a), 15-5-209(c), 15-5-212(a), 15-5-303, 04-09-2025, 15-4-604, 15-4-605, 15-4-608, 15-4-701, 15-22-301, 15-5-409(c), 15-5-409(e), 19-4-801(2), 19-9-606, 19-11-203(13), 19-11-203(23), 21-4-203(12), 21-5-204(a), 21-5-410(a), 22-6-601(a), 22-8-206, 25-15-202(2), 25-16-702(a), 25-16-702, 25-43-302(a), 26-51-1702(c)
Old version HB1797 Original - 3-14-2025 04:04 PM: 15-5-102, 15-5-104, 15-5-202(e), 15-5-207(b), 15-5-212(a), 15-5-303, 15-4-604, 15-4-605, 15-4-608, 15-4-701, 15-22-301, 15-5-409(c), 15-5-409(e), 19-4-801(2), 19-4-803(a), 19-9-606, 19-11-203(13), 19-11-203(23), 21-4-203(12), 21-5-204(a), 21-5-410(a), 22-6-601(a), 22-8-206, 25-15-202(2), 25-16-702(a), 25-16-702, 25-43-302(a), 26-51-1702(c)
HB 1797: 15-5-102, 15-5-104, 15-5-202(e), 15-5-207(b), 15-5-212(a), 15-5-303, 15-4-604, 15-4-605, 15-4-608, 15-4-701, 15-22-301, 15-5-409(c), 15-5-409(e), 19-4-801(2), 19-4-803(a), 19-9-606, 19-11-203(13), 19-11-203(23), 21-4-203(12), 21-5-204(a), 21-5-410(a), 22-6-601(a), 22-8-206, 25-15-202(2), 25-16-702(a), 25-16-702, 25-43-302(a), 26-51-1702(c)
Act 944: 15-5-102, 15-5-104, 15-5-202(e), 15-5-207(b), 15-5-209(a), 15-5-209(c), 15-5-212(a), 15-5-303, 04-09-2025, 15-4-604, 15-4-605, 15-4-608, 15-4-701, 15-22-301, 15-5-409(c), 15-5-409(e), 19-4-801(2), 19-9-606, 19-11-203(13), 19-11-203(23), 21-4-203(12), 21-5-204(a), 21-5-410(a), 22-6-601(a), 22-8-206, 25-15-202(2), 25-16-702(a), 25-16-702, 25-43-302(a), 26-51-1702(c)