§ 15-4-1904 - Qualifications. - Arkansas Statutes

15-4-1904. Qualifications.

To qualify for the benefits of this subchapter, the business must:

(1) Be an eligible business as defined in 15-4-1902;

(2) Hire at least one hundred (100) net new full-time permanent employees within twenty-four (24) months of the date the financial incentive plan was signed by the Arkansas Economic Development Commission and the business;

(3) Expend at least five million dollars ($5,000,000) on the project covered by the financial incentive plan;

(4) Agree to certify to the Department of Finance and Administration the number of net new full-time permanent employees and the average hourly wage of the net new full-time permanent employees once the number of net new full-time permanent employees reaches one hundred (100); and

(5) Agree to certify to the department within thirty (30) days after the number of net new full-time permanent employees falls below one hundred (100) or the average hourly wage falls below the amount specified in the financial incentive plan.