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AR SB3
Bill
Status
6/19/2024
Primary Sponsor
Steve Crowell
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 to submit an annual report by January 30 to legislative leaders, state officials, and committee members detailing the balance of the Property Tax Relief Trust Fund.
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Mandates the annual report 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.
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Approved on June 19, 2024.
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 SB3 is now Act 5
6/19/2024