HB1377
To Require A Report Concerning Economic Development Funding Supporting Organizations Or Programs For New Businesses Or Businesses Established Within The Previous Five Years.
AI-Generated Summary
This bill proposes to amend Arkansas Code by adding a new section requiring an annual report concerning economic development funding. The report will be filed by the Director of the Arkansas Economic Development Commission. It will detail the percentage and total dollar amount of economic development funding that supports organizations or programs for individuals starting new businesses in Arkansas. Additionally, it will track funding for businesses established within the previous five years with their principal place of business in Arkansas. The report must include funding types such as community development block grants. This annual report is to be filed by January 1st of each year. Recipients of this report will include the Governor, the House Committee on Insurance and Commerce, and the Senate Committee on Insurance and Commerce. The first report will be due by January 1, 2027.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill are new businesses and businesses established within the last five years in Arkansas, along with the organizations and programs that support them. By requiring a detailed report on economic development funding, the bill aims to provide greater transparency and accountability regarding financial resources allocated to these entities. This could lead to more effective allocation of funds, better identification of successful programs, and potentially increased support for emerging enterprises, thereby fostering economic growth and job creation within the state.
Who Might Suffer?
This bill does not appear to directly negatively impact any specific group or entity. Its primary function is to mandate reporting and transparency regarding existing economic development funding. The entities tasked with creating and submitting the report, namely the Arkansas Economic Development Commission and its Director, will incur administrative duties associated with compiling and filing this information. However, these are operational requirements rather than detrimental impacts on their core functions or existence.