UPDATE: Ark. House panel OKs small business financing bill - KATV - Breaking News, Weather and Razorback Sports

UPDATE: Ark. House panel OKs small business financing bill

Posted:

LITTLE ROCK (AP) - An Arkansas House committee has advanced a proposal to establish a new economic development program in the state aimed at driving private investment to small businesses.

The House Economic Development Committee unanimously gave its approval to the bill that would allow the state to allocate tax credits to groups of investors who agree to provide financing to qualified small businesses. The investors would sell the tax credits to insurance companies and raise private capital in order to make loans to or invest in small businesses in low-income communities in Arkansas.

Democratic Rep. Darrin Williams sponsored the bill and told lawmakers that the new program will create and retain jobs in the state.

The Department of Finance and Administration says it's unknown how the tax credits would impact state revenue.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Lake Nimrod Beaches Closed

    Lake Nimrod Beaches Closed

    Thursday, July 24 2014 7:46 PM EDT2014-07-24 23:46:28 GMT

    The U.S. Army Corps of Engineers has closed all the beaches on Lake Nimrod while a possible algae outbreak is investigated.  One Pulaski county family thinks the problem could be something else.

    More >>

    The U.S. Army Corps of Engineers has closed all the beaches on Lake Nimrod while a possible algae outbreak is investigated.  One Pulaski county family thinks the problem could be something else.

    More >>
  • 20-year-old Stuttgart shooting victim dies

    20-year-old Stuttgart shooting victim dies

    Thursday, July 24 2014 12:17 PM EDT2014-07-24 16:17:09 GMT
    Community members held a prayer vigil for Daniel Ruffin after he was shot in the chest while walking his dog on Tuesday night. Ruffin died Wednesday night after succumbing to his injuries. More >>
    Community members held a prayer vigil for Daniel Ruffin after he was shot in the chest while walking his dog on Tuesday night. Ruffin died Wednesday night after succumbing to his injuries.
    More >>
  • Man calls Arkansas police to turn himself in

    Man calls Arkansas police to turn himself in

    Thursday, July 24 2014 1:54 PM EDT2014-07-24 17:54:39 GMT
    Police say a man called officers to turn himself in after a woman's body was found in a western Arkansas home.More >>
    Police say a man called officers to turn himself in after a woman's body was found in a western Arkansas home.More >>