Economic Development Bill Signed

February 20, 2003
Posted at: 8:10 p.m. CST

LITTLE ROCK, Ark. -- Governor Huckabee signed an economic development bill into law today that he said will make Arkansas an even more attractive place to do business.

The new law consolidates and updates existing incentives to base tax breaks on payroll rather than the numbers of jobs created and average wages.

It also offers new breaks for research and development efforts and income tax breaks for new businesses in certain fields, such as agriculture or biotechnology.

The bill's sponsor, Democrat Representative Danny Ferguson of Forrest City says the new law will put Arkansas' incentive package on a more competitive level.

The law goes into effect March 3.

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