The bill amends the law 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 only under certain conditions.

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 funds are primarily dedicated to property tax relief, thereby providing more stringent oversight on how these funds can be allocated.

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