The bill amends the Arkansas Tourism Development Act and the law regarding Natural State Initiative Opportunity Zones. It modifies the definition of "eligible company" by lowering the minimum investment required for tourism attraction projects located in these Opportunity Zones. Specifically, the minimum investment in a high-unemployment county is reduced from $250,000 to $50,000, and in other counties, it is decreased from $500,000 to $150,000.

Additionally, the bill updates the boundaries for Natural State Initiative Opportunity Zones, changing the distance from one-eighth of a mile to one mile outside the boundaries of state parks, cultural or historic sites, or cultural or educational centers. These changes aim to encourage tourism development in designated areas by making it more accessible for companies to qualify for support under the Arkansas Tourism Development Act.

Statutes affected:
HB 1923: 15-11-503(4), 15-11-512(e)
Act 838: 15-11-503(4), 15-11-512(e)