HB1050
An Act For The Office Of The Treasurer Of State - Amendment 74 Property Tax Appropriation For The 2026-2027 Fiscal Year.
Last Action (April 1, 2026): REPORTED CORRECTLY ENGROSSED
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AI-Generated Summary
House Bill 1050 is an appropriations bill for the state of Arkansas for the 2026-2027 fiscal year. Its primary purpose is to authorize the distribution of Amendment 74 property tax funds from the Uniform Tax Rate Trust Fund to Arkansas counties. The bill allocates $1,750,000,000 for this redistribution process through the Office of the Treasurer of State. It ensures compliance with existing state fiscal control laws, procurement regulations, and budgetary procedures. Additionally, the bill includes an emergency clause to ensure the funding becomes effective on July 1, 2026, to prevent potential disruptions in government operations.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are Arkansas county governments, which receive the redistributed property tax revenue to fund local operations and services. Additionally, the citizens of these counties benefit as these funds support the provision of essential local governmental programs.
Who Might Suffer?
There is no group directly and negatively impacted by this bill, as it serves as a routine administrative and fiscal mechanism to distribute legally mandated tax revenue. However, if the appropriation were not passed, county governments would face severe budget shortfalls and an inability to maintain essential public services.
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