HB1109
An Act For The Office Of The Treasurer Of State - Amendment 74 Property Tax Appropriation For The 2025-2026 Fiscal Year.
AI-Generated Summary
This bill appropriates funds for the Office of the Treasurer of State for the fiscal year ending June 30, 2026. The purpose of the appropriation is to facilitate the distribution of Amendment 74 funds to counties. Specifically, the bill allocates $1,750,000,000 from the Uniform Tax Rate Trust Fund for this purpose. The funds are to be redistributed to counties as required by Amendment 74 to the Arkansas Constitution. The bill also outlines compliance requirements with various state fiscal control laws and departmental regulations during the disbursement process. It emphasizes that the disbursement of these funds should align with the stated reasons for the act's adoption, as documented in budget manuals and legislative proceedings. An emergency clause is included, stating the act is necessary for the immediate preservation of public peace, health, and safety, and will be effective from July 1, 2025.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill would be the counties of Arkansas. The bill directly appropriates funds for the redistribution of property tax funds to these counties, as mandated by Amendment 74 of the state constitution. This ensures that counties receive their designated share of these funds, which can then be used for local government services and operations. The Office of the Treasurer of State would also benefit by having the necessary appropriation to fulfill its constitutional duty of distributing these funds.
Who Might Suffer?
This bill primarily focuses on the allocation and distribution of existing funds and does not appear to create new taxes or direct financial burdens on specific groups. Therefore, no specific groups or entities are identified as being directly and negatively impacted by the provisions of this bill as written. The bill's effect is to operationalize a constitutional requirement for fund distribution.