Rice owns Rice Furniture and Appliance, Inc., in Waldron. He and his wife, JoAnn, are Baptists and have two grown sons. He is a former president and board member of the Arkansas Home Furnishing Association.
In 2008, Rice won the District 62 seat by defeating the late DemocratBill Walters of Greenwood, 5,610 to 4,937. Bill Walters was the husband of Shirley Walters and a former Republican member of the Arkansas State Senate. Both Rice's father and grandfather were Democratic members of the Arkansas House. Wilfred R. "Bud" Rice represented south Sebastian and Scott counties from 1977 to 1995. Bud Rice's father, Worth Rice, served in the House from Scott County from 1935 to 1939. Rice describes himself as "passionate in my belief that we cannot continue the status quo. We cannot tax and spend our way to prosperity. Government must become more efficient just as successful businesses have.... I believe our faith, life and family values are the foundation of this great country and must stand before political correctness." Rice is chairman of the HousePerformance Review Committee and serves as well on the Insurance and Commerce and the Public Transportation committees. He is vice chairman of the Arkansas Legislative Council. An anti-abortion legislator, Rice voted to ban abortions after twenty weeks of gestation or whenever fetal heartbeat is determined. He voted to declare the death of a fetus as a felony in certain situations. Rice voted to allow university and college staff to carry concealed weapons on campus to enhance security. He voted to require picture identification for voting. Rice voted to allow the sale in Arkansas of unpasteurizedwhole milk. He voted for a spending cap on state spending; this passed the House by two votes. In 2011, he voted to ban cell phones in school zones for safety reasons. In 2013, Rice was defeated, 52-46, in a bid to become the first Republican Speaker of the Arkansas House of Representatives since Reconstruction by another Republican who had Democratic support, attorney/banker Davy Carter of Cabot in Lonoke County.
Rice was term-limited and hence ineligible to seek a fourth two-year term in the House in 2014. Rice instead challenged District 9 State SenatorBruce Holland of Greenwood in Sebastian County in the May 20 Republican primary. Rice prevailed in the primary, 3,457 votes to Holland's 2,710.