The joint resolution proposes an amendment to the Iowa Constitution that would repeal the existing natural resources and outdoor recreation trust fund. In its place, the resolution establishes a property tax relief trust fund aimed at replacing revenue generated from the foundation property tax levy, which funds elementary and secondary education across school districts in Iowa. The funds would be allocated to lower property tax rates uniformly across districts, with the annual allocations treated as property taxes.

To fund this new trust, the resolution stipulates that no revenue will be credited until there is an increase in the sales and use tax rate on tangible personal property, specified digital products, and certain services. Once the tax rate is increased, the amount generated from this increase will be credited to the property tax relief trust fund, capped at the equivalent of a three-eighths of one percent tax rate. The resolution will be published and referred to the next general assembly for consideration before being submitted to voters for ratification.