§ 15-4-3104 - Eligibility. - Arkansas Statutes

15-4-3104. Eligibility.

(a) A nonprofit organization that has a payroll of new full-time permanent employees in excess of five hundred thousand dollars ($500,000) annually may apply for and receive any benefits authorized by this subchapter.

(b) In order to qualify for any benefits authorized by this subchapter, the nonprofit organization shall:

(1) Pay wages that average in excess of one hundred ten percent (110%) of the lesser of the county or state average wage; and

(2) Receive a minimum of seventy-five percent (75%) of its income from out-of-state sources.

(c) Hospitals, medical clinics, accredited academic educational institutions, and churches are specifically excluded from receiving the benefits authorized by this subchapter.

(d) (1) (A) Nonprofit organizations shall apply and qualify for benefits under 15-4-3106 in order to receive the benefits under 15-4-3105.

(B) A nonprofit organization cannot receive the sales and use tax refund without meeting the job creation requirements of this subchapter.

(2) A sales and use tax refund shall be made only if after the audit of expenditures and payroll by the Revenue Division of the Department of Finance and Administration, the Revenue Division determines that the nonprofit organization is in compliance with all qualifications to receive benefits under this subchapter.

(e) In order to receive the benefits authorized by this subchapter, the nonprofit organization applying for benefits shall sign a financial incentive agreement with the Arkansas Economic Development Commission prior to the start of any construction.