The status of the bill can be found here, with a PDF of the full text here.

The people of Arkansas have vested the General Assembly with the authority to regulate the manufacture, possession, exchange, and use of firearms within this state’s borders, subject only to the limits imposed by  the Second Amendment to the United States Constitution and Arkansas Constitution, Article 2, § 5.

All acts, laws, orders, rules, and regulations of the United States Government, whether past, present, or future, that infringe on the people’s right to keep and bear arms as guaranteed by the Second Amendment to  the United States Constitution and Arkansas Constitution, Article 2, § 5, are invalid in this state, shall not be recognized by this state, are specifically rejected by this state, and shall be considered null and void and of no effect in this state. (b) Such federal acts, laws, orders, rules, and regulations that are null and void in this state under subsection (a) of this section include without limitation:

(1) The National Firearms Act, 26 U.S.C. § 5801 et seq.; 11 (2) The Gun Control Act of 1968, 18 U.S.C. § 921 et seq.; (3) Any tax, levy, fee, or stamp imposed on firearms, firearm accessories, or ammunition not common to all other goods and services that could have a chilling effect on the purchase or ownership of those items by  law-abiding citizens; (4) Any registering or tracking of firearms, firearm accessories, or ammunition that could have a chilling effect on the purchase or ownership of those items by law-abiding citizens; (5) Any registering or tracking of the owners of firearms, firearm accessories, or ammunition that could have a chilling effect on the purchase or ownership of those items by law-abiding citizens; (6) Any act forbidding the possession, ownership, or use or transfer of any type of firearm, firearm accessory, or ammunition by law abiding citizens; and (7) Any act ordering the confiscation of firearms, firearm accessories, or ammunition from law-abiding citizens.

This is just an excerpt.  The full text is powerful and deserves a hearing.  Its chances are unknown to me, but readers in Arkansas should contact their representatives about this.

Of course, it remains to be seen if this is just symbolic or if it ends up having teeth.  The wording has teeth.  Whether it will redound to real enforcement of the bill, should it become law, would be up to the people of Arkansas.