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 collected revenues. 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 related to claims against the state.

Furthermore, the amendment establishes provisions for the transfer of excess revenues to a Catastrophic Reserve Fund and a Budget Stabilization Trust Fund, ensuring that these funds are maintained at a specified level relative to previous fiscal year expenditures. The resolution also repeals an existing provision regarding tax increases requiring voter approval and modifies the process for measures submitted to the electorate. If approved by a majority of voters in the next general election, the amendment will take effect on January 1, 2027.