Bill
Bill > HB1521
summary
Introduced
02/18/2025
02/18/2025
In Committee
02/18/2025
02/18/2025
Crossed Over
Passed
Dead
05/05/2025
05/05/2025
Introduced Session
95th General Assembly (2025 Regular)
Bill Summary
AN ACT TO REPEAL CERTAIN TAX INCENTIVES; TO REPEAL CERTAIN UNUSED, UNDERUSED, OR UNFUNDED TAX INCENTIVES; TO REPEAL TAX INCENTIVES RELATED TO CENTERS FOR APPLIED TECHNOLOGY; TO REPEAL THE ARKANSAS PUBLIC ROADS IMPROVEMENTS CREDIT ACT; TO REPEAL PROVISIONS OF THE CONSOLIDATED INCENTIVE ACT OF 2003; TO REPEAL TAX INCENTIVES FOR MAJOR MAINTENANCE AND IMPROVEMENT PROJECTS; TO REPEAL THE PUBLIC ROADS INCENTIVE FUND; TO REPEAL INCENTIVES RELATED TO THE DONATION OR SALE OF EQUIPMENT TO AN EDUCATIONAL INSTITUTION; TO REPEAL THE SALES AND USE TAX EXEMPTION FOR THE PARTIAL REPLACEMENT AND REPAIR OF CERTAIN MACHINERY AND EQUIPMENT; AND FOR OTHER PURPOSES.
AI Summary
This bill repeals and amends several tax incentive provisions in Arkansas law, effectively eliminating or modifying various economic development and research-related tax credits and programs. The bill targets unused, underused, or unfunded tax incentives across multiple areas, including research partnerships, technology-based enterprises, public roads improvements, and educational equipment donations. Key changes include repealing tax credits for technology enterprises, research and development incentives, targeted business special incentives, and sales tax refunds for machinery and equipment maintenance and repair. The bill also removes provisions related to centers for applied technology, research park authorities, and specific tax credit programs for educational institutions. The provisions of the bill will become effective on October 1, 2025, giving businesses and state agencies time to adjust to the changes. Overall, the legislation appears aimed at streamlining and reducing tax incentive programs to potentially simplify the state's tax code and reduce government expenditures on economic development initiatives.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
House Revenue & Taxation (10:00:00 3/6/2025 Room 151) (on 03/06/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://arkleg.state.ar.us/Bills/Detail?id=hb1521&ddBienniumSession=2025%2F2025R |
| BillText | https://arkleg.state.ar.us/Home/FTPDocument?path=%2FBills%2F2025R%2FPublic%2FHB1521.pdf |
Loading...