Bill > SJR17

This joint resolution proposes an amendment to the Arkansas Constitution known as the "Arkansas Taxpayer Bill of Rights" that would establish several key fiscal restrictions and procedures. The amendment would require the General Assembly to balance the state budget by prohibiting deficit spending, mandate that any new taxes, tax increases, or fee modifications after July 1, 2027, require a three-fourths vote in the legislature or approval by qualified voters, and limit annual increases in general revenue expenditures to 2% compared to the previous fiscal year. The resolution also creates two special funds: a Catastrophic Reserve Fund (to be maintained at 20% of the previous year's expenditures and only used for emergencies) and a Budget Stabilization Trust Fund. If state revenues exceed spending limits, the excess funds would first be directed to these funds and then, if any remain, would be refunded to taxpayers through temporary reductions in income and sales tax rates. The amendment would become effective on January 1, 2027, and would be submitted to Arkansas voters for approval, with a majority vote required to enact the constitutional change. The resolution aims to provide more fiscal discipline and taxpayer protections by constraining government spending and taxation.

Government Affairs

https://arkleg.state.ar.us/Bills/Detail?id=sjr17&ddBienniumSession=2025%2F2025R