Bill Summary – FastDemocracy

Stricken language would be deleted from and underlined language would be added to present law.
                                           Act 610 of the Regular Session
 1   State of Arkansas
 2   94th General Assembly                        A Bill
 3   Regular Session, 2023                                                             SENATE BILL 488
 4
 5   By: Senator Hickey
 6   By: Representative L. Fite
 7
 8                                      For An Act To Be Entitled
 9                   AN ACT TO AMEND THE LAWS GOVERNING REAL PROPERTY
10                   TAXATION; TO REPEAL AN OBSOLETE REPORTING REQUIREMENT
11                   REGARDING PROPERTY TAX REVENUE; AND FOR OTHER
12                   PURPOSES.
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15                                                 Subtitle
16                           TO REPEAL AN OBSOLETE REPORTING
17                           REQUIREMENT REGARDING PROPERTY TAX
18                           REVENUE.
19
20
21   BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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23           SECTION 1.      Arkansas Code § 26-26-310(b)(2)(D), concerning an obsolete
24   provision requiring the reporting of revenue to the Property Tax Trust Fund
25   for the year 2019, is repealed.
26                           (D)(i)(a)     For calendar year 2019, by the last business day
27   of each month following April 9, 2019, the Chief Fiscal Officer of the State
28   shall certify to the Treasurer of State the total amount of moneys credited
29   to the Property Tax Relief Trust Fund since April 9, 2019.
30                                          (b)    For calendar years after 2019, by the last
31   business day of each month, the Chief Fiscal Officer of the State shall
32   certify to the Treasurer of State the total amount of moneys credited to the
33   Property Tax Relief Trust Fund for the year.
34                                  (ii)    The Chief Fiscal Officer of the State shall
35   determine annually the estimated amount needed to fund the distributions
36   required under subdivision (b)(2)(C) of this section for the next year.
     *JLL316*                                                                 03/27/2023 11:14:56 AM JLL316
                                                                                     SB488
 1                            (iii)    When the amount certified by the Chief Fiscal
 2   Officer of the State under subdivision (b)(2)(D)(i) of this section exceeds
 3   the amount determined under subdivision (b)(2)(D)(ii) of this section for the
 4   year:
 5                                    (a)(1)     By July 1, 2019, the Treasurer of State
 6   shall make a one-time transfer of eight million two hundred forty-six
 7   thousand five hundred seventy-three dollars ($8,246,573) to the County Voting
 8   System Grant Fund.
 9                                             (2)   The transfer required under
10   subdivision (b)(2)(D)(iii)(a)(1)       of this section shall occur as soon as
11   practicable after July 1, 2019, if, by July 1, 2019, the amount certified by
12   the Chief Fiscal Officer of the State under subdivision (b)(2)(D)(i) of this
13   section does not exceed the amount determined under subdivision (b)(2)(D)(ii)
14   of this section by the full amount required for the transfer under
15   subdivision (b)(2)(D)(iii)(a)(1)       of this section; and
16                                    (b)   Except as provided in subdivision
17   (b)(2)(D)(iii)(a)    of this section, the revenues credited to the Property Tax
18   Relief Trust Fund in excess of the amount determined under subdivision
19   (b)(2)(D)(ii) of this section shall be transferred from the Property Tax
20   Relief Trust Fund to the Catastrophic Reserve Fund.
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23                                    APPROVED: 4/11/23
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                                             2              03/27/2023 11:14:56 AM JLL316
Statutes affected: 
SB 488: 26-26-310(b)
Act 610: 26-26-310(b)