The bill amends Arkansas Code Title 26, Chapter 18, Subchapter 8, by adding a new section, 26-18-813, which establishes requirements for the assessment and collection of certain taxes by the Department of Finance and Administration. It stipulates that the department cannot assess or collect taxes on items or services that have not been previously taxed unless there is a change in statutory law mandating such actions. This aims to ensure that taxpayers are not subjected to unexpected tax assessments.

Additionally, if the department identifies a failure to assess or collect a tax that it believes is legally authorized, it must create a rule to clarify the tax's application, which requires approval from the Legislative Council or the Joint Budget Committee if the General Assembly is in session. The department is prohibited from assessing or collecting taxes on items or services related to these rules until they receive the necessary approval, thereby enhancing legislative oversight and taxpayer protection in the tax assessment process.