AR
Arkansas Senate Bill SB478

Arkansas 2023 Regular Session

Arkansas Senate Bill SB478

Introduced
3/24/23  
Refer
3/24/23  
Refer
3/29/23  
Report Pass
4/3/23  
Engrossed
4/4/23  
Refer
4/4/23  
Report Pass
4/6/23  
Enrolled
4/7/23  
Chaptered
4/13/23  

Caption

To Provide Additional Funding For The Arkansas Port, Intermodal, And Waterway Development Grant Program Fund; And To Create A Waterways Investment Income Tax Credit.

Impact

SB478 is expected to significantly impact state laws by amending existing statutes regarding the Arkansas Port and Waterway Development Grant Program. The bill introduces a framework for providing financial assistance to port authorities, which includes approvals for funding that will enable the construction and improvement of ports and intermodal facilities. Additionally, it establishes specific tax credits that are contingent upon the economic benefit derived from these capital improvements, thereby increasing the state’s investment in its waterway infrastructure.

Summary

Senate Bill 478 aims to enhance the economic landscape of Arkansas by providing additional funding for the Arkansas Port, Intermodal, and Waterway Development Grant Program. This bill seeks to create an investment tax credit specifically targeted at supporting capital improvements related to water transportation in the state. It intends to allocate resources for various port development projects, including the construction, rehabilitation, and enhancement of public port facilities and related infrastructure such as intermodal facilities.

Sentiment

The sentiment around SB478 appears to be largely positive, with strong support from lawmakers interested in enhancing Arkansas's transportation infrastructure. Opponents may raise concerns about the equity of tax incentives and the potential for misallocation of funds, but overall, the bill enjoys broad legislative support, as evidenced by a unanimous voting outcome during its third reading.

Contention

Notable points of contention may arise regarding the implementation of the tax credit provisions, specifically the limitations on the cumulative amount and the first-come, first-served basis for tax credits. Critics may argue that this could disadvantage smaller stakeholders who may not have the capacity to compete for these funds effectively. Furthermore, there are expectations for ongoing reviews of the program’s impact, which may lead to scrutiny of how efficiently the allocated funds contribute to the intended economic growth.

Latest SB478 Activity

Companion Bills

No companion bills found.

Previously Filed As

AR HB1063

An Act For The Department Of Commerce - Arkansas Waterways Commission Appropriation For The 2024-2025 Fiscal Year.

AR SB80

To Amend The Revenue Stabilization Law; To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts; And To Declare An Emergency.

AR HB1097

To Amend The Revenue Stabilization Law; To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts; And To Declare An Emergency.

AR SR2

To Authorize The Introduction Of A Nonappropriation Bill Amending The Revenue Stabilization Law, Creating Funds, Repealing Funds, And Making Transfers To And From Funds And Fund Accounts.

AR HR1011

To Authorize The Introduction Of A Nonappropriation Bill Amending The Revenue Stabilization Law, Creating Funds, Repealing Funds, And Making Transfers To And From Funds And Fund Accounts.

AR HR1010

To Authorize The Introduction Of A Nonappropriation Bill To Amend The Revenue Stabilization Law, To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts.

AR SR1

To Authorize The Introduction Of A Nonappropriation Bill To Amend The Revenue Stabilization Law, To Create Funds, To Repeal Funds, And To Make Transfers To And From Funds And Fund Accounts.

AR SB21

An Act For The Arkansas State Game And Fish Commission Appropriation For The 2024-2025 Fiscal Year.

AR HB1062

An Act For The Arkansas Department Of Transportation Appropriation For The 2024-2025 Fiscal Year.

AR SB71

An Act For The Department Of Education - Arkansas School For The Blind And Arkansas School For The Deaf Reappropriation.

Similar Bills

AL HB502

Relating to vessels and navigation; to provide for the placement of a uniform system of navigational markers on the waters of this state; to amend Section 33-5-4, Code of Alabama 1975, to require the Alabama State Law Enforcement Agency to provide general oversight and maintenance of permitted navigational markers on the waters of this state; and to make nonsubstantive, technical revisions to update the existing code language to current style.

AL HB293

Relating to port credits; to amend Sections 40-18-401 and 40-18-403, Code of Alabama 1975, to expand the cap of the port credit and to expand tax incentives for businesses and enterprises who increase their cargo volume through Alabama public ports.

AL HB297

Relating to consumption of fishes; to require the State Health Officer to issue advisories concerning fish consumption and to establish a panel to advise on and discuss this issue; to require the Department of Environmental Management to test fishes for pollutants and post signage at water bodies notifying of an active fish consumption advisory; to require the Department of Conservation and Natural Resources to notify fish license purchasers of all active advisories; and to require holders of National Pollution Discharge Elimination System permits to post signage identifying outfalls.

AL HB181

State Waters, Alabama Waters Task Force created

AR SB386

To Repeal The Arkansas River Navigation System Fund; To Provide Additional Funding For The Arkansas Port, Intermodal, And Waterway Development Grant Program Fund; And To Create A Waterways Investment Income Tax Credit.

AL HB248

Relating to natural resources; to prohibit a person from introducing or placing fish into the waters of the state without a permit issued by the Commissioner of the Department of Conservation and Natural Resources; to provide exceptions; to require the commissioner to issue a permit for the introduction of black bass into the Coosa River in certain circumstances; to provide for penalties; and in connection therewith would have as its purpose or effect the requirement of a new or increased expenditure of local funds within the meaning of Section 111.05 of the Constitution of Alabama of 2022.

AL HB253

State Port Authority; provide that authority is a body corporate and may employ non-merit system employees

AL HB92

State waters; Alabama Seagrass Restoration Task Force established to address seagrass loss