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. 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.

Furthermore, the amendment outlines 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 year's expenditures. The resolution also repeals an existing provision regarding tax increases and modifies the process for submitting measures to voters, ensuring that any proposed changes take effect after a majority approval in the next general election. The amendment is set to take effect on January 1, 2027, if approved by voters.