This resolution proposes an amendment to the Arkansas Constitution aimed at modifying the taxation of personal and real property within the state. The key provision of the amendment is that the General Assembly will have the authority to reduce or eliminate taxes on personal property, with a mandate that by January 1, 2050, no tax shall be levied on personal property in Arkansas. Additionally, the amendment allows for the creation of exemptions for personal property taxation and stipulates that any law enacted under this amendment must receive a majority vote from both houses of the General Assembly. Furthermore, the amendment will supersede any conflicting provisions in the Arkansas Constitution.

The resolution also amends existing provisions related to tax levies for public libraries, allowing petitions from taxpaying electors to request taxes on both real and personal property for library maintenance and capital improvements. The proposed changes include specifying tax rates and ensuring that ballots reflect whether the tax applies to real property, personal property, or both. The effective date of the amendment is set for January 1, 2025, and it will be presented to voters in the next general election under the title "An Amendment to the Arkansas Constitution Providing that No Tax Shall Be Levied on Personal Property Effective No Later Than January 1, 2050, and Providing That Personal Property and Real Property Are Not Required to be Taxed at an Equal Rate."