Ark. Code § 15-3-603

Current with legislation from 2024 Fiscal and Special Sessions.

Section 15-3-603 - Definitions

As used in this subchapter:

(1) "Business and technology accelerator" means a full-time, immersive program administered by an eligible applicant to potentially invest in, mentor, and accelerate commercial development of start-up businesses;

(2) "Business and technology accelerator grant" means a discretionary grant of up to two hundred fifty thousand dollars ($250,000) for each approved business and technology accelerator application; and

(3) "Eligible applicant" means an entity that is:

(A) Registered as a business entity in good standing with the Secretary of State; and

(B) Principally engaged in one (1) or more of the following categories of business or industry:

(i) A manufacturer classified in sectors 31-33 of the 2012 North American Industry Classification System;

(ii) A business that:

(a) Is primarily engaged in the design and development of prepackaged software, digital content production and preservation, computer processing and data preparation services, or information retrieval services; and

(b) Derives at least seventy-five percent (75%) of its sales revenue from out of state;

(iii) An office sector business whose business operations support primary business needs, including without limitation customer service, credit accounting, telemarketing, claims processing, and other administrative functions that:

(a) Is a nonretail business; and

(b) Derives at least seventy-five percent (75%) of its sales revenue from out of state;

(iv) A national or regional corporate headquarters as classified in code 551114 of the 2012 North American Industry Classification System;

(v) A scientific and technical services business that derives at least seventy-five percent (75%) of its sales revenue from out of state;

(vi) A firm primarily engaged in commercial, physical, and biological research as classified in code 541711 or code 541712 of the 2012 North American Industry Classification System;

(vii) A firm engaged in one (1) or more of the following categories:

(a) Advanced materials and manufacturing systems;

(b) Agriculture, food processing, and environmental sciences;

(c) Biotechnology, bioengineering, and life sciences;

(d) Information technology;

(e) Transportation logistics; and

(f) Internet-enabled technology or service solutions for one (1) or more of the categories described in subdivisions (3)(B)(vii)(a)-(e) of this section; and

(viii) A business primarily engaged in operating combustors and incinerators for the disposal of nonhazardous solid waste, as classified in code 562213 of the 2022 North American Industry Classification System.

Ark. Code § 15-3-603

Amended by Act 2023, No. 834,§ 1, eff. 8/1/2023.

Added by Act 2017, No. 165,§ 2, eff. 10/1/2017.