With the passage of HB 2230 in April 2009, the Arkansas Legislature expanded a tax incentive for manufacturers of windmill blades or components. A full income tax exemption is available for business that meet certain criteria, including locating in the state before December 31, 2007. Businesses that locate in the state after January 1, 2008 are eligible for a partial income tax abatement. Businesses taking advantage of these tax incentives must demonstrate significant investment and job creation in order to receive the tax incentive.
To be eligible for the full income tax exemption, a business must invest at least $150,000,000 and hire 1,000 new employees within six years. To be eligible for the partial income tax abatement, a business must demonstrate investment, job creation, and must pay certain wages. The actual income tax abatement is determined by the extent to which a business meets these criteria. Eligible businesses sign an agreement with the Arkansas Economic Development Commission.
|Incentive Type:||Industry Recruitment/Support|
|Administrator:||Arkansas Economic Development Commission|
|Eligible Renewable/Other Technologies:||
|Incentive Amount:||Varies, depending on amount invested and other factors|
|Maximum Incentive:||Up to 100% income tax exemption|
|Technologies:||Wind (All), Wind (Small)|
|Parameters:||The incentive is 100.00 %|
|Name:||Arkansas Code § 26-51-311 et seq.|
|Organization:||Arkansas Department of Economic Development|
900 W. Capitol, Suite 400
Little Rock AR 72201
This information is sourced from DSIRE; the most comprehensive source of information on incentives and policies that support renewables and energy efficiency in the United States. Established in 1995, DSIRE is operated by the N.C. Clean Energy Technology Center at N.C. State University.
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