Bill > HJR1014

This joint resolution proposes a constitutional amendment to enhance 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 the state to support initiatives aimed at developing and diversifying the economy, eliminating unemployment, expanding transportation and commerce, and improving real estate that contributes to economic growth. Economic development districts would be able to issue bonds for financing projects within their designated areas, and these bonds would have special financial privileges, such as not being subject to certain existing constitutional debt limitations. The amendment would modify several sections of the Arkansas Constitution to enable counties, cities, and municipalities to more flexibly support economic development projects, including providing funding or lending credit to economic development districts. The proposed changes would broaden the scope of what constitutes economic development projects, including everything from manufacturing facilities to sports complexes and utilities infrastructure. Importantly, the amendment includes provisions to ensure that existing tax-exempt properties within economic development districts maintain their tax status and that any bonds or obligations secured by ad valorem taxes must be approved by a majority of qualified voters. The amendment is set to become effective on January 1, 2027, and would take precedence over any conflicting constitutional provisions.

Government Affairs

https://arkleg.state.ar.us/Bills/Detail?id=hjr1014&ddBienniumSession=2025%2F2025R