The bill amends the law regarding the Property Tax Relief Trust Fund, specifically increasing the vote threshold required for using its funds for purposes other than property tax relief. It modifies Arkansas Code 19-5-1103(b) to clarify that the fund will consist of revenues generated by specified sections and will be used primarily for property tax relief and any other purpose authorized by the General Assembly, subject to certain requirements.

Additionally, 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 for property tax relief unless a different purpose is approved by a three-fourths (3/4) vote of each house of the General Assembly. This change aims to ensure that the funds are primarily dedicated to property tax relief, thereby enhancing accountability and legislative oversight over the use of these funds.

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