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ARIZONA HOUSE OF REPRESENTATIVESFifty-fifth Legislature First Regular Session |
Senate: APPROPS DPA/SE 10-0-0-0| 3rd Read 28-1-1-0 |
SB 1500: elderly assistance fund; state treasurer
Sponsor: Senator Townsend, LD 16
Committee on Appropriations
Overview
Establishes the Elderly Assistance Fund (Fund) administered by the State Treasurer and appropriates $4,600,000 from the General Fund to the Fund in fiscal year 2022 to reduce primary school district taxes for qualified individuals in every county.
History
The Elderly Assistance Fund can be established by the board of supervisors in a county with a population of more than two million persons and will be administered by the County Treasurer. The purpose of the Fund is to reduce the primary school district taxes for qualified individuals. A qualified individual is an individual that:
1) Lives in an organized school district;
2) Is sixty-five years of age or older;
3) Has an annual income of less than 400% of the supplemental security income benefit rate if the property has one owner or of less than 500% the supplemental security income benefit rate if the property is owned by two or more individuals.; and
4) Has applied to and been accepted for a property valuation protection option on their primary residence that is under ten acres of undeveloped appurtenant land. (A.R.S § 42- 17401)
The county treasurer receives all monies of the county, safely keeps, applies and pays the monies out. Additionally, the county treasurer keeps a receipt of received and disbursed monies. (A.R.S § 11-493)
The State Treasurer authenticates writings and documents, receives and keeps all monies to the state that are not being kept by another entity and keeps an account of all monies received and disbursed. (A.R.S § 41-172, Article IX, Section 18, subsection 7 of the Arizona Constitution)
Provisions
1. Establishes the Fund administered by the state treasurer and delineates the source and purpose of the fund. (Sec. 2)
2. Requires the state treasurer to invest and divest monies in the Fund and specifies that monies earned from investment shall be credited to the Fund. (Sec. 2)
3. Requires that the state treasurer distribute the monies in the Fund to each county treasurer to reduce the primary school district taxes of qualified individuals. (Sec. 2)
4. Requires the county treasurer to send a report by June 30th of each year to the State Treasurer concerning the number of individuals in the county that are eligible. (Sec. 2)
5. Directs the state treasurer to determine each year the total amount of monies in the Fund, the total number of qualified individuals statewide as reported by each county and the total amount of monies to distribute proportionately to each county. (Sec. 2)
6. States that if a county treasurer fails to provide the report on qualified individuals by June 30th of each year that the state treasurer will not distribute monies to that county that would otherwise be distributed from the Fund for the following fiscal year. (Sec. 2)
7. Requires each county treasurer to use monies distributed by the state treasurer to proportionately reduce the primary school district taxes that are levied against the property of all qualified individuals in the county for the following tax year. (Sec. 2)
8. Exempts the appropriation from lapsing. (Sec. 2 and 4)
9. Defines qualified individual as an individual who lives in an organized school district and who is approved for the property valuation protection option pursuant to Article IX, Section 18, subsection 7 of the Arizona Constitution. (Sec. 2)
10. Repeals the previous Elderly Assistance Fund administered by the Maricopa County Treasurer. (Sec. 3)
11. Appropriates $4,600,000 from the General Fund in FY 2022 to the Fund. (Sec. 4)
12. Monies in the Fund are continuously appropriated. (Sec. 4)
13.
Adds a delayed
effective date of January 1, 2022. (Sec. 5)
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17. SB 1500
18. Initials VP Page 0 Appropriations
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