The resolution proposes an amendment to the Constitution of Missouri that would repeal Section 6 of Article X and replace it with a new section concerning the taxation of tangible personal property. This amendment aims to exempt various types of property from taxation, including all property owned by the state, counties, political subdivisions, and nonprofit cemeteries, as well as real property used as a homestead by certain disabled veterans. Additionally, it seeks to exempt personal property held as industrial inventories by manufacturers and refiners, as well as goods held for resale by distributors and retailers. The amendment also allows for the potential exemption of household goods and personal items, with provisions for compensating local governments for lost revenue due to these exemptions.

Furthermore, the resolution includes a mechanism for counties or St. Louis City to eliminate the assessment and taxation of tangible personal property through a vote by their qualified voters. It establishes a replacement tax to compensate for lost revenues from the exemptions, which will be levied on all property in a specific subclass within each county. The resolution outlines the process for calculating lost revenues and distributing the replacement tax proceeds to the appropriate taxing authorities. It also allows for adjustments to the tax rate based on changes in assessed property values and provides a pathway for voters to approve any decreases in the tax rate.