ArkPlus is also only offered at the discretion of the Director of the Arkansas Economic Development Commission in highly competitive situations. It is a state income tax credit program that provides tax credits of 10% of the total investment in a new location or expansion project.
ArkPlus requires both a minimum investment and a minimum payroll of new, full-time, permanent employees hired as a result of the project, depending on the tier in which the business locates.
Total project expenditures must be incurred within four years of the date the project is approved by AEDC. New, full-time, permanent employees must be hired within 24 months of the date the financial agreement is signed.
The income tax credits may be used to offset 50% of the Arkansas income tax liability in the tax year the credit is earned. Any unused credits may be carried forward for nine years beyond the tax year in which the credit was first earned.