§ 26-51-311 - Qualified windmill blade manufacturing exemption. - Arkansas Statutes

26-51-311. Qualified windmill blade manufacturing exemption.

(a) A qualified windmill blade manufacturer that meets the criteria found in subsection (b) of this section is exempt from income taxes levied under the Income Tax Act of 1929, 26-51-101 et seq., until December 31, 2033.

(b) A windmill blade manufacturer shall meet the following criteria in order to claim the income tax exemption provided in subsection (a) of this section:

(1) Shall be classified in the North American Industry Classification System (NAICS) Code 333611, as in effect January 1, 2007;

(2) Shall locate in the state before December 31, 2007;

(3) Shall expend a minimum of one hundred fifty million dollars ($150,000,000) in the state within six (6) years of signing a financial incentive agreement with the Arkansas Economic Development Commission; and

(4) Shall hire a minimum of one thousand (1,000) employees in the state within six (6) years of signing a financial incentive agreement with the commission.

(c) If any of the criteria under subsection (b) of this section are not met, the income tax exemption in subsection (a) of this section shall expire in the year that the failure to meet any of the criteria for qualification occurs.