The bill amends the existing laws regarding the Property Tax Relief Trust Fund in Arkansas, specifically by establishing stricter regulations on how the funds can be utilized. It modifies Arkansas Code 19-5-1103(b) to clarify that the fund will consist of revenues generated from specified tax codes and will primarily be used for property tax relief. Additionally, it allows for the use of funds for other purposes authorized by the General Assembly, but only under certain conditions.

Furthermore, the bill introduces a new subsection to Arkansas Code 26-26-310, which stipulates that distributions from the Property Tax Relief Trust Fund must be aimed at providing property tax relief. It also sets a higher voting threshold, requiring a three-fourths (3/4) majority in both houses of the General Assembly to approve any use of the funds for purposes other than property tax relief. This change aims to ensure that the funds are primarily dedicated to their intended purpose of alleviating property tax burdens.

Statutes affected:
HB 1074: 19-5-1103(b), 26-26-310
Act 121: 19-5-1103(b), 26-26-310