The proposed resolution seeks to amend the Arkansas Constitution regarding the taxation of personal and real property. It allows the General Assembly to enact laws that can reduce or eliminate taxes on personal property, establish maximum tax rates, and create exemptions for personal property taxation. Any law passed under this amendment would require a majority vote from both houses of the General Assembly and would take precedence over any conflicting constitutional provisions. Additionally, the amendment modifies existing provisions related to tax levies for public libraries, allowing for separate tax rates on real and personal property, and specifies the procedures for submitting tax levy petitions to voters.

Furthermore, the resolution amends existing constitutional provisions to clarify that the millage rates for personal property and real property do not need to be equal, thus providing flexibility in taxation. It also outlines the process for voters to authorize tax levies for library maintenance and capital improvements, including the issuance of bonds. The amendment is set to take effect on January 1, 2027, and will be presented to voters under the title "A Constitutional Amendment Concerning the Taxation of Personal Property and Real Property in the State of Arkansas."