AMEND. 27. EXEMPTING NEW MANUFACTURING ESTABLISHMENT FROM TAXATION.
Power to exempt — Duration.The Governor and the Agricultural and Industrial Commission (or the agency created by law to assist in the industrial development of Arkansas) may investigate and contract with the owners of any new manufacturing or processing establishment to be located in the State, or owners making addition or additions to any manufacturing or processing establishment already located in the State, for the exemption from State property taxation of any such new manufacturing or processing establishment, or any addition or additions to any such existing manufacturing or processing establishment, upon such terms and conditions as the Governor and the said Commission may deem to the best interests of the State; provided, that no exemption from taxes shall be granted under this amendment for a longer period than ten (10) calendar years succeeding the date of any such contract. Any such exemption shall “ipso facto” cease upon violation of the terms and conditions of any contract hereby made.
