Second Extraordinary Session of the 94th General Assembly held today in Little Rock
Legislators will open the Second Extraordinary Session of the 94th General Assembly today in Little Rock.
One of the bills that Legislators will consider is a bi-partisan bill sponsored by Senator Steve Crowell of Magnolia. Crowell represents Clark, Columbia, Hempstead, Hot Springs, Lafayette, Nevada and Pike counties.
Crowell filed Senate Bill 3 at 12:48 Friday afternoon.
The title for Senate Bill 3 states, an act to amend the law concerning the Homestead Property Tax Credit; to increase the Homestead Property Tax Credit; to require a report concerning the Homestead Property Tax Credit and the balance of the property relief trust fund; and for other purposes.
The amendment would increase the current Homestead Property Tax Credit from $425 to $500.
Crowell stated this increase to the Homestead Property Tax Credit would save Arkansas homeowners millions of dollars a year. If approved, this act will be effective for assessment years beginning on or after January 1, 2024.
