Bill > SJR15

This joint resolution proposes a constitutional amendment to expand Arkansas's economic development capabilities by authorizing the General Assembly to create economic development districts and provide loans and grants for specific economic purposes. The amendment would allow public entities to finance projects aimed at developing and diversifying the state's economy, eliminating unemployment, expanding transportation and commerce, and improving real estate that contributes to economic development. Economic development districts would be able to issue bonds for financing projects within their designated areas, with these bonds receiving special treatment and not being subject to certain constitutional debt limitations. The amendment would modify several existing constitutional provisions to enable counties, cities, and municipalities to provide funding and support for economic development projects, including creating economic development districts in specific areas. The proposed changes would allow for more flexible economic development strategies, permit tax exemptions for properties within these districts, and provide a comprehensive framework for implementing economic development initiatives. The amendment would become effective on January 1, 2027, and would require voter approval at the next general election. If passed, it would supersede any conflicting constitutional provisions and provide the General Assembly broad authority to support economic growth in Arkansas.

Government Affairs

https://arkleg.state.ar.us/Bills/Detail?id=sjr15&ddBienniumSession=2025%2F2025R