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HB 1521

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2025 Regular Session Introduced by Brian Buchanan and 8 co-sponsors

HB 1521 aimed to repeal unused tax incentives in Arkansas, impacting educational institutions and businesses by reducing funding and support for various projects.

Public Law 233
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Bill Summary · HB 1521

Summary of House Bill 1521

Bill Number: HB 1521
Title: To Repeal Certain Unused, Underused, or Unfunded Tax Incentives
Status: Withdrawn by Author
Introduced: February 18, 2025
Classification: Bill

Purpose and Intent

House Bill 1521 aimed to repeal various tax incentives in Arkansas that were deemed unused, underused, or unfunded. The bill sought to streamline the state's tax incentive framework by eliminating provisions that no longer served their intended purpose or failed to deliver economic benefits.

Key Provisions

The bill proposed the repeal of several specific tax incentives, including:

  • Centers for Applied Technology: Provisions related to the establishment and funding of centers aimed at promoting applied research and collaboration between private enterprises and educational institutions.

  • Arkansas Public Roads Improvements Credit Act: This act provided tax credits for improvements to public roads, which the bill sought to eliminate.

  • Consolidated Incentive Act of 2003: Certain provisions of this act were targeted for repeal, which included various tax incentives for businesses.

  • Major Maintenance and Improvement Projects: The bill aimed to repeal tax incentives associated with these projects.

  • Public Roads Incentive Fund: This fund, which supported road improvement initiatives, was also included in the repeal.

  • Incentives for Equipment Donations to Educational Institutions: The bill proposed to eliminate tax incentives related to the donation or sale of equipment to schools and universities.

  • Sales and Use Tax Exemption for Machinery Repairs: The bill sought to repeal the exemption for partial replacement and repair of certain machinery and equipment.

Impact

If enacted, HB 1521 would have affected various stakeholders, including:

  • Educational Institutions: Colleges and universities that benefited from the centers for applied technology and equipment donation incentives would have lost funding opportunities.

  • Businesses: Companies that relied on the tax incentives for public road improvements and major maintenance projects would have seen a reduction in available financial support.

  • State Budget: The repeal of these incentives could have implications for the state budget, potentially freeing up funds that could be redirected to other areas of need.

Legislative Timeline

  • February 18, 2025: HB 1521 was filed and read for the first time. The rules were suspended, and it was read a second time before being referred to the Committee on Revenue & Taxation in the House.

  • March 4, 2025: The bill was withdrawn by the author, halting its progress through the legislative process.

Conclusion

House Bill 1521 represented an effort to reassess and streamline Arkansas's tax incentive landscape by targeting provisions that were no longer effective. Although the bill was withdrawn, it highlighted ongoing discussions regarding the efficacy of tax incentives in promoting economic growth and development within the state.

Compiled from official sources — confirm details with the bill’s official record.

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