Arkansas Code Title 26. Taxation § 26-51-313. Qualified drop-in biofuels manufacturing exemption

(1)(A) Multiply the proposed average hourly wage to be paid by the qualified drop-in biofuels manufacturer by two thousand eighty (2,080) hours.

(B) Multiply the product obtained under subdivision (b)(1)(A) of this section by the number of jobs to be created by the qualified drop-in biofuels manufacturer to determine the proposed annual payroll;

(2)(A) Multiply one hundred ten percent (110%) of the state's average hourly wage from the preceding calendar year by two thousand eighty (2,080) hours.

(B) Multiply the product obtained under subdivision (b)(2)(A) of this section by one thousand (1,000);

(8)(A) Multiply the sum calculated under subdivision (b)(7) of this section by twenty (20) and round to the nearest whole number.

(B) The number calculated under subdivision (b)(8)(A) of this section is the number of years that the income tax exemption is allowed for the qualified drop-in biofuels manufacturer.

(C) However, an income tax exemption allowed under this section shall not exceed twenty (20) years.

(A) Is a substitute for conventional petroleum-based motor fuel;

(B) Is completely interchangeable and compatible with conventional petroleum-based motor fuel;

(C) Does not require modification of conventional engine fuel systems; and

(D) Can be delivered through the existing fuel distribution systems, including without limitation:

(A) Manufactures drop-in biofuels;

(B) Invests at least twenty million dollars ($20,000,000) in a new or expanded drop-in biofuels manufacturing facility;

(C) Creates at least one hundred (100) new jobs;

(D) If the new or expanded drop-in biofuels manufacturing facility is a subsidiary of an existing Arkansas company, establishes the new or expanded drop-in biofuels facility as a separate legal entity;

(E) Locates the new or expanded drop-in biofuels facility in the state after January 1, 2013, but before June 30, 2023; and

(F) Signs a financial incentive agreement with the Arkansas Economic Development Commission after January 1, 2013, but before June 30, 2023.