SB383

Senate Bill 383 seeks to repeal Arkansas Code § 15-5-1408, which currently mandates that designated investor groups under the Venture Capital Investment Act of 2001 produce an annual report. This report requires an audit of the group's activities, documentation of their progress regarding their investment plan, and a detailed list of the use, redemption, or transfer of associated tax credits. The report must currently be presented to the Governor, specific legislative committees, and the Arkansas Development Finance Authority. By repealing this section, the legislation removes the statutory obligation for these investor groups to provide this information to state officials. The bill does not contain provisions to replace the reporting requirement with an alternative oversight mechanism.