Senate Bill 1500 Summary

• Establishes the elderly assistance fund administered by the state treasurer, consisting of legislative appropriations to reduce primary school district taxes for qualified individuals.

• Requires county treasurers to report the total number of qualified individuals by June 30 annually; state treasurer distributes proportionate funds to each county to reduce school district taxes.

• Defines "qualified individual" as someone living in an organized school district and approved for the property valuation protection option under Arizona Constitution Article IX, Section 18(7).

• Appropriates $4,600,000 from the state general fund for fiscal year 2021-2022 to the elderly assistance fund, with intent for ongoing funding in future years.

• Repeals Title 42, Chapter 17, Article 8 of Arizona Revised Statutes and amends Section 11-495 to remove interest earned from the elderly assistance fund as a revenue source for county taxpayers' information funds.