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 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 expiring 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.

Furthermore, the amendment establishes provisions for the management of excess revenues, mandating that any surplus be allocated to a Catastrophic Reserve Fund and a Budget Stabilization Trust Fund. The Catastrophic Reserve Fund is designated for emergencies, while the Budget Stabilization Trust Fund is intended to maintain a balance equal to twenty percent (20%) of the previous fiscal year's expenditures. The resolution also repeals an existing provision regarding tax increases and amends the process for measures submitted to voters, allowing for a majority vote to enact such measures. The amendment is set to take effect on January 1, 2027, pending approval from the electorate in the next general election.