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Bill > SB530

AR SB530

AR SB530
To Amend The Arkansas Wood Energy Products And Forest Maintenance Income Tax Credit.

summary

Introduced
03/19/2025
In Committee
04/08/2025
Crossed Over
04/03/2025
Passed
04/10/2025
Dead
Signed/Enacted/Adopted
04/18/2025

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 to expand and modify several key provisions related to the timber and wood energy industry. The bill increases the project investment threshold from $50 million to $1 billion, raises the required number of new full-time permanent jobs from 100 to 400, and extends the project closing date from December 31, 2023, to June 30, 2028. The tax credit for wood energy products equipment is reduced from 30% to 20% of purchase costs. The bill broadens the definition of qualifying projects to include more wood byproducts like bark and explicitly aims to support the timber industry by using low-value wood, forest thinnings, and damaged trees for energy production. The legislation also updates reporting requirements for tax credits, with new notification deadlines beginning July 1, 2026, for taxpayers and public retirement systems. These changes are designed to attract and maintain industry, support healthy timberland, encourage capital investment, provide well-paying jobs, and promote the use of wood byproducts for energy production in Arkansas. 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 SB530 is now Act 701 (on 04/18/2025)

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