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Bill > HB1657

AR HB1657

AR HB1657
To Amend The Arkansas Wood Energy Products And Forest Maintenance Income Tax Credit.

summary

Introduced
03/04/2025
In Committee
04/07/2025
Crossed Over
04/03/2025
Passed
04/10/2025
Dead
Signed/Enacted/Adopted
04/16/2025

Introduced Session

95th General Assembly (2025 Regular)

Bill Summary

AN ACT TO AMEND THE ARKANSAS WOOD ENERGY PRODUCTS AND FOREST MAINTENANCE INCOME TAX CREDIT; AND FOR OTHER PURPOSES.

AI Summary

This bill amends the Arkansas Wood Energy Products and Forest Maintenance Income Tax Credit by expanding and modifying several key provisions. The bill broadens the legislative intent to include maintaining industry, supporting healthy timberland, and using wood byproducts for energy production. It increases the required investment threshold for qualifying projects from $50 million to $1 billion and raises the minimum number of new full-time permanent jobs from 100 to 400. The tax credit for wood energy products equipment is reduced from 30% to 20% of purchase costs, and the definition of qualifying equipment is expanded to explicitly include wood byproducts like bark. The bill also extends the project certification closing date from December 31, 2023, to June 30, 2028, and shifts certain reporting requirements for tax credits to begin on July 1, 2026. These changes are designed to attract and support larger investments in the Arkansas timber industry, encourage the use of wood byproducts, and create well-paying jobs in the sector. The amendments will take effect for tax years beginning on or after January 1, 2026.

Committee Categories

Budget and Finance

Sponsors (53)

Rick Beck (R)*,  Breanne Davis (R)*,  Brandon Achor (R),  Wade Andrews (R),  Sonia Barker (R),  Howard Beaty (R),  Mary Bentley (R),  Stan Berry (R),  Harlan Breaux (R),  Matt Brown (R),  Joey Carr (R),  Paul Childress (R),  Nicole Clowney (D),  Cameron Cooper (R),  Cindy Crawford (R),  Jonathan Dismang (R),  James Eaton (R),  Les Eaves (R),  Jane English (R),  Jon Eubanks (R),  Scott Flippo (R),  Tony Furman (R),  Jimmy Gazaway (R),  Ben Gilmore (R),  Zack Gramlich (R),  Brad Hall (R),  R.J. Hawk (R),  Bart Hester (R),  Mike Holcomb (R),  Steve Hollowell (R),  Missy Irvin (R),  Lane Jean (R),  Blake Johnson (R),  Mark Johnson (R),  Steve Magie (D),  Rick McClure (R),  Jessie McGruder (D),  Matt McKee (R),  Stephen Meeks (R),  Jon Milligan (R),  Kendra Moore (R),  Stetson Painter (R),  Mark Perry (D),  Aaron Pilkington (R),  Terry Rice (R),  Marcus Richmond (R),  Johnny Rye (R),  Jamie Scott (D),  Joy Springer (D),  Matt Stone (R),  Jeff Wardlaw (R),  Les Warren (R),  Jim Wooten (R), 

Last Action

Notification that HB1657 is now Act 709 (on 04/16/2025)

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