AZ HB2641

Establishes an elderly assistance fund consisting of legislative appropriations to reduce primary school district taxes for qualified individuals approved under Arizona's property valuation protection option.

Directs the state treasurer to administer the fund, invest earnings, and distribute monies to county treasurers proportionately based on the number of qualified individuals in each county.

Requires county treasurers to report the number of qualified individuals by June 30 annually; failure to report results in withholding that county's distribution for the following fiscal year.

Appropriates $3,700,000 from the state general fund in fiscal year 2020-2021 to establish the fund, with monies exempt from lapsing provisions and intended as ongoing funding.

Removes interest earned from the elderly assistance fund as a source for the county taxpayers' information fund and repeals title 42, chapter 17, article 8, Arizona Revised Statutes.