The proposed resolution seeks to amend the Arkansas Constitution by establishing the "Arkansas Taxpayer Bill of Rights." This amendment aims to implement strict budgeting practices that prohibit deficit spending by ensuring that the state's general revenue expenditures do not exceed the revenues collected in a fiscal year. Additionally, it requires a three-fourths majority vote in both houses of the General Assembly for any new taxes, fee increases, or extensions of expiring taxes or fees starting from July 1, 2025. The amendment also limits the increase in general revenue expenditures to no more than three percent compared to the previous fiscal year, with certain exceptions for one-time expenditures.

Furthermore, the resolution outlines provisions for the management of excess revenues, mandating that any surplus be allocated to a Catastrophic Reserve Fund and a Budget Stabilization Trust Fund. The Catastrophic Reserve Fund is designated for emergencies and can only be accessed with a three-fourths vote from the General Assembly. The Budget Stabilization Trust Fund is intended to maintain a balance equal to twenty percent of the previous fiscal year's expenditures and can be utilized to cover shortfalls in general revenue. The amendment will take effect on January 1, 2025, if approved by a majority of voters in the next general election.