The bill amends the existing laws regarding the Property Tax Relief Trust Fund in Arkansas, specifically focusing on the use of funds within this trust. It establishes 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 this is subject to certain requirements.

A significant change introduced by the bill is the requirement for a higher vote threshold for any use of the Property Tax Relief Trust Fund for purposes other than property tax relief. Specifically, any such use must be approved by a three-fourths (3/4) vote of each house of the General Assembly. This aims to ensure that the primary intent of the fund—providing property tax relief—is preserved and that any deviations from this purpose are carefully considered and agreed upon by a substantial majority.

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