The proposed bill establishes the Delta Tetrahydrocannabinol Excise Tax Act, which introduces a new excise tax on delta tetrahydrocannabinol (THC) products in Arkansas. It amends Arkansas Code Title 26, Chapter 57 by adding a new subchapter that defines "Delta tetrahydrocannabinol product" and outlines the specific types of THC products that will be subject to this tax. The bill specifies that sellers must collect and remit a 50% excise tax on the gross receipts from the sale of these products, effective from the date the act is enacted.

Additionally, the bill mandates that the administration of this excise tax will follow the same procedures as sales taxes under the Arkansas Gross Receipts Act of 1941. The Secretary of the Department of Finance and Administration is granted the authority to create rules for the implementation and enforcement of this subchapter, including identifying which products are subject to the excise tax. The act is set to take effect on the first day of the second calendar month following its enactment.