TO AMEND THE CONSOLIDATED INCENTIVE ACT OF 2003; TO CREATE AN INCOME TAX CREDIT FOR RELOCATING CORPORATE HEADQUARTERS TO THIS STATE; AND TO ENCOURAGE CORPORATIONS TO RELOCATE TO ARKANSAS.

House Bill 1922 amends the Consolidated Incentive Act of 2003 to create new income or sales and use tax credits for corporations that relocate their headquarters to Arkansas. The bill aims to encourage businesses to move their main offices to the state by offering these financial incentives. Eligible corporations may receive a tax credit of up to ten percent of their eligible project costs, awarded at the discretion of the Arkansas Economic Development Commission. To qualify, businesses must meet specific investment and new annual payroll thresholds for full-time employees, which vary based on the county's economic tier. These credits can offset up to fifty percent of a qualified business's annual tax liability and can be carried forward for up to nine years.