The proposed legislation, titled the "Delta Tetrahydrocannabinol Excise Tax Act," aims to establish a tax on delta tetrahydrocannabinol (THC) products in Arkansas. It introduces a new subchapter to the Arkansas Code, defining "Delta tetrahydrocannabinol product" and specifying the types of THC products that will be subject to this excise tax. The act outlines that sellers must collect and remit a 50% excise tax on the gross receipts from the sale of these products, effective from the date specified in the act.

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. The Secretary of the Department of Finance and Administration is granted the authority to create rules for the implementation and enforcement of the tax, including identifying which products fall under this tax category. The act is set to take effect on the first day of the second calendar month following its passage.