The bill proposes an amendment to the state income tax laws in Arkansas by introducing a new income tax credit specifically for taxpayers aged sixty-five and older. This credit will be equal to the amount of property tax paid on their homestead during the tax year, with certain deductions for delinquent property taxes and penalties. If the credit amount exceeds the taxpayer's income tax liability, the excess will be refunded to the taxpayer.

The new legal language added to the Arkansas Code includes the creation of Section 26-51-518, which outlines the eligibility criteria and calculation for the credit. Additionally, the bill specifies that it will take effect for tax years beginning on or after January 1, 2025.