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 function as an independent state instrumentality. It introduces new provisions that reduce governmental regulation over the ADFA, aiming to improve its efficiency without additional costs to taxpayers. The ADFA will be exempt from certain state regulations, including the Arkansas Administrative Procedure Act, and will have the authority to appoint its own officers and determine their compensation. Additionally, the bill clarifies that all revenues received by the ADFA, except for appropriations, will be classified as cash funds for specific uses.

Further amendments redefine the ADFA's status within state law by including it in the definition of "state agency" and clarifying that the Attorney General will represent all state officials and agencies, with the exception of the ADFA. The bill also repeals the section regarding the ADFA's transfer to the Department of Commerce and modifies regulations related to the Arkansas low-income housing tax credit, ensuring it is non-refundable and can be carried forward for up to five years. An emergency clause is included, establishing that the act will take effect on July 1, 2025, to ensure the smooth operation of the ADFA and the continuity of essential governmental programs.

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)