This bill amends the Arkansas Tourism Development Act and the regulations surrounding 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 investment threshold is reduced from $250,000 to $50,000 in high-unemployment counties, and from $500,000 to $150,000 in other counties.

Additionally, the bill updates the geographical boundaries for Natural State Initiative Opportunity Zones, changing the distance requirement 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 enhance tourism development and investment in designated areas of Arkansas.

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