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AR SB447
Bill
Status
4/10/2019
Primary Sponsor
Jim Hendren
Click for details
AI Summary
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Increases the homestead property tax credit from $350 to $375 per assessment year, effective for assessment years beginning January 1, 2019.
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Allocates $1 million annually from excess Property Tax Relief Trust Fund revenues to counties for costs of administering Amendment 79 (property assessment administration).
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Distributes $2 million annually from the fund to counties and $2 million to municipalities using specified formulas for local revenue support.
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Transfers $8,246,573 one-time to the County Voting System Grant Fund by July 1, 2019, if excess revenues permit.
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Directs remaining excess Property Tax Relief Trust Fund revenues to the Long Term Reserve Fund, with future use authorized by subsequent legislation for tax relief or school district financial assistance.
Legislative Description
To Increase The Homestead Property Tax Credit; To Maintain Funding For Current Property Tax Relief; To Provide For The Use Of The Excess Funds In The Property Tax Relief Trust Fund; And To Declare An Emergency.
Last Action
Notification that SB447 is now Act 808
4/10/2019