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AR HB1002
Bill
Status
6/19/2024
Primary Sponsor
Bart Schulz
Click for details
AI Summary
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Increases the homestead property tax credit from $425 to $500 per assessment year, effective for assessment years beginning on or after January 1, 2024
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Requires the Chief Fiscal Officer of the State to submit an annual report by January 30 to legislative leadership, state officials, and committees detailing the balance of the Property Tax Relief Trust Fund
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Report must include whether the Property Tax Relief Trust Fund has sufficient balance to support an increase to the homestead property tax credit and the amount of increase the fund could support if adequate
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Approved June 19, 2024 as Act 3 of the Second Extraordinary Session of the 94th General Assembly
Legislative Description
To Increase The Homestead Property Tax Credit; And To Require A Report Concerning The Homestead Property Tax Credit And The Balance Of The Property Tax Relief Trust Fund.
Last Action
Notification that HB1002 is now Act 3
6/19/2024