AR HB1454

Amends Arkansas Code § 26-26-1122(a)(2) to expand the definition of "homestead" to include dwellings owned by a limited liability company whose members are either a married couple or no more than one natural person.

Requires that at least one member of the limited liability company must claim the homestead tax credit under § 26-26-1118 and use the dwelling as their principal place of residence.

Modifies Arkansas Code § 26-26-1118(b)(2)(A) to require proof of eligibility for properties owned by limited liability companies, including a certificate of good standing from the Secretary of State and a signed attestation that members are not claiming the property tax credit for any other property.

Effective for assessment years beginning on or after January 1, 2024.