SR15
To Authorize The Introduction Of A Nonappropriation Bill To Increase The Homestead Property Tax Credit.
Last Action (April 8, 2026): Read the first time, rules suspended, read the second time and placed on the calendar.
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AI-Generated Summary
Senate Resolution 15 authorizes the introduction of a non-appropriation bill intended to increase the state's homestead property tax credit. Specifically, the proposed legislation amends Arkansas Code § 26-26-1118(a)(1)(A) to raise the annual homestead property tax credit from $600 to $675. This change would be effective for property assessment years beginning on or after January 1, 2026. The resolution serves as a procedural step to permit the introduction of this tax relief measure during the fiscal session.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are Arkansas homeowners who claim the homestead property tax credit on their primary residences, as they would receive an additional $75 reduction in their annual real property tax liability.
Who Might Suffer?
The primary entity negatively impacted is the state or local government jurisdictions that rely on property tax revenue, as the increase in the credit will result in a decrease in total property tax collections available for public services and budget allocations.
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