The bill establishes the K-12 Public School Education Funding Legislative Task Force in Arkansas, which will consist of various members from the General Assembly, including the President Pro Tempore of the Senate, the Speaker of the House, and other appointed members. The task force is tasked with examining potential reforms in the state's education funding laws, specifically looking at the transition from a prior-year average daily membership funding model to a current-year model, addressing inequities in funding for small school districts, and researching best practices for funding education that leads to high student performance.

The task force is required to meet at least every two months and will be supported by the Bureau of Legislative Research. It must submit a preliminary report by December 1, 2023, and a final report by September 1, 2024, with recommendations for legislation to be considered in the 2025 regular session. The task force will dissolve on December 31, 2024.