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 of general revenues, ensuring that expenditures do not exceed the revenues collected in a fiscal year. It also introduces a requirement for a three-fourths (3/4) vote from both houses of the General Assembly for any new taxes, fee increases, or extensions of existing taxes or fees starting from July 1, 2027. Additionally, it limits the increase in general revenue expenditures to no more than two percent (2%) compared to the previous fiscal year, with certain exceptions for one-time expenditures related to claims against the state.

Furthermore, the amendment establishes provisions for the creation of a Catastrophic Reserve Fund and a Budget Stabilization Trust Fund, which will be funded by excess revenues and utilized in emergencies or to stabilize the budget during fiscal downturns. The resolution also repeals an existing section of the Arkansas Constitution regarding tax increases and modifies the process for measures submitted to voters, allowing for a majority vote rather than a majority of all electors. The amendment is set to take effect on January 1, 2027, pending approval from the electorate in the next general election.