The resolution proposes an amendment to the Missouri Constitution that would repeal the current Section 4(d) of Article X and replace it with a new section regarding taxation. If approved by voters in the general election scheduled for November 2026, the amendment would eliminate individual and corporate income taxes, as well as state sales and use taxes. Instead, it would establish a single sales tax on new purchases of tangible personal property and taxable services, with a set rate of 5.11%. The amendment allows the General Assembly to define income by referencing U.S. tax laws and to make adjustments to the sales tax rate as necessary to ensure revenue neutrality.

Additionally, the resolution includes provisions for a sales tax rebate for qualified families, calculated based on the established sales tax rate and federal poverty guidelines. The Department of Revenue would be responsible for implementing the rebate and ensuring compliance with the new tax structure. The amendment aims to simplify the tax system in Missouri while providing financial relief to families through the rebate program. The official ballot summary will ask voters if they support these significant changes to the state's taxation framework.