| 3 | 2 | | *JLL089* 01/03/2025 8:57:40 AM JLL089 |
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| 4 | 3 | | State of Arkansas 1 |
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| 5 | 4 | | 95th General Assembly A Bill 2 |
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| 6 | 5 | | Regular Session, 2025 HOUSE BILL 1074 3 |
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| 7 | 6 | | 4 |
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| 8 | 7 | | By: Representative Ray 5 |
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| 9 | 8 | | By: Senator Crowell 6 |
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| 10 | 9 | | 7 |
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| 11 | 10 | | For An Act To Be Entitled 8 |
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| 12 | 11 | | AN ACT TO AMEND THE LAW CONCERNING THE FUNDS USED FOR 9 |
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| 13 | 12 | | PROVIDING PROPERTY TAX RELIEF; TO AMEND THE PROPERTY 10 |
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| 14 | 13 | | TAX RELIEF TRUST FUND; TO REQUIRE A HIGHER VOTE 11 |
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| 15 | 14 | | THRESHOLD FOR USING MONEYS IN THE PROPERTY TAX RELIEF 12 |
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| 16 | 15 | | TRUST FUND FOR PURPOSES OTHER THAN PROPERTY TAX 13 |
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| 17 | 16 | | RELIEF; AND FOR OTHER PURPOSES. 14 |
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| 18 | 17 | | 15 |
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| 19 | 18 | | 16 |
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| 20 | 19 | | Subtitle 17 |
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| 21 | 20 | | TO AMEND THE PROPERTY TAX RELIEF TRUST 18 |
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| 22 | 21 | | FUND; AND TO REQUIRE A HIGHER VOTE 19 |
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| 23 | 22 | | THRESHOLD FOR USING MONEYS IN THE 20 |
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| 24 | 23 | | PROPERTY TAX RELIEF TRUST FUND FOR 21 |
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| 25 | 24 | | PURPOSES OTHER THAN PROPERTY TAX RELIEF. 22 |
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| 26 | 25 | | 23 |
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| 27 | 26 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 24 |
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| 28 | 27 | | 25 |
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| 29 | 28 | | SECTION 1. Arkansas Code § 19 -5-1103(b), concerning the Property Tax 26 |
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| 30 | 29 | | Relief Trust Fund, is amended to read as follows: 27 |
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| 31 | 30 | | (b) The fund shall consist of such revenues as generated by §§ 26 -52-28 |
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| 32 | 31 | | 302(c), 26-52-317(c)(1)(B), 26-52-319(a)(2)(B), 26-53-107(c), 26-53-29 |
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| 33 | 32 | | 145(c)(1)(B), 26-53-148(a)(2)(B), and 26 -56-224(c)(2). and 30 |
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| 34 | 33 | | (c) The fund shall be used for: such purposes as set out 31 |
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| 35 | 34 | | (1) Property tax relief; and 32 |
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| 36 | 35 | | (2) Any other purpose authorized by the General Assembly, 33 |
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| 37 | 36 | | subject to the requirements stated in § 26-26-310. 34 |
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| 38 | 37 | | 35 |
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| 39 | 38 | | SECTION 2. Arkansas Code § 26 -26-310, concerning certification of the 36 HB1074 |
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| 40 | 39 | | |
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| 41 | 40 | | 2 01/03/2025 8:57:40 AM JLL089 |
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| 42 | 41 | | amount of the property tax reduction and the distribution of property tax 1 |
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| 43 | 42 | | relief funds, is amended to add an additional subsection to read as follows: 2 |
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| 44 | 43 | | (e)(1) Except as provided in subdivision (e)(2) of this section, a 3 |
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| 45 | 44 | | distribution from the Property Tax Relief Trust Fund under this section shall 4 |
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| 46 | 45 | | be for the purpose of providing property tax relief. 5 |
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| 47 | 46 | | (2) The General Assembly shall not authorize a use of the funds 6 |
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| 48 | 47 | | in the Property Tax Relief Trust Fund for a purpose other than providing 7 |
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| 49 | 48 | | property tax relief under this section unless the purpose is approved by a 8 |
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| 50 | 49 | | three-fourths (3/4) vote of each house of the General Assembly. 9 |
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| 51 | 50 | | 10 |
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| 52 | 51 | | 11 |
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