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. It also introduces a requirement for a three-fourths majority vote in both houses of the General Assembly for any new taxes, fee increases, or extensions of expiring taxes starting from July 1, 2027. Additionally, it limits the increase in general revenue expenditures to no more than two percent compared to the previous fiscal year, with certain exceptions for one-time expenditures.

Furthermore, the amendment outlines provisions for the management of excess revenues, mandating transfers to a Catastrophic Reserve Fund and a Budget Stabilization Trust Fund to ensure financial stability during emergencies and economic downturns. The resolution also repeals an existing provision that requires voter approval for tax increases and modifies the process for submitting measures to the electorate. If approved by a majority of voters in the next general election, the amendment will take effect on January 1, 2027.