The bill proposes to exempt the Morgan Nick Foundation, Inc. of Alma from all state and local sales and use taxes. Specifically, it adds a new section to the Arkansas Code that states the gross receipts or gross proceeds from sales to the foundation will be exempt from the Arkansas gross receipts tax, the Arkansas compensating use tax, and all city and county sales and use taxes.

Additionally, the bill establishes an effective date for this exemption, stating that it will take effect on the first day of the second calendar month following the act's effective date. This legislative change aims to provide financial relief to the Morgan Nick Foundation, allowing it to allocate more resources towards its mission.