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 be used primarily for property tax relief, with the possibility of other uses only if authorized by the General Assembly. The new language specifies that any alternative use of the funds must adhere to the requirements outlined in Arkansas Code 26-26-310.

Additionally, the bill introduces a new subsection to Arkansas Code 26-26-310, which mandates that distributions from the Property Tax Relief Trust Fund are to be used solely 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 directed towards alleviating property tax burdens, 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