The proposed constitutional amendment aims to enhance economic development in Arkansas by granting the General Assembly the authority to create economic development districts. These districts would facilitate the development and diversification of the state's economy, address unemployment, and improve transportation and commerce. The amendment allows for the allocation of public funds through loans and grants for various economic development projects, including real estate improvements and the establishment of infrastructure necessary for business growth. Additionally, it permits these districts to issue bonds for financing projects, with specific provisions ensuring that such bonds do not count against existing debt limits.

Furthermore, the amendment modifies existing constitutional provisions related to eminent domain, taxation, and the ability of municipalities to engage in economic development activities. It clarifies that property within these economic development districts may be exempt from certain taxes, while also establishing that any financial obligations incurred by the districts will not constitute a debt under the state constitution. The amendment is set to be submitted to voters for approval in the next general election, and if passed, it will take effect on January 1, 2027.