TO REPEAL THE ANNUAL REPORT REQUIRED UNDER THE VENTURE CAPITAL INVESTMENT ACT OF 2001.

SB 383 repeals the requirement for designated investor groups under Arkansas' Venture Capital Investment Act of 2001 to submit an annual report to the Governor, relevant legislative committees, and the Arkansas Development Finance Authority. This bill directly affects the designated investor groups that previously had to document their activities, provide audit details, report investment progress, and track tax credit usage. The key mechanism is removing all reporting obligations outlined in Arkansas Code § 15-5-1408, simplifying administrative requirements without altering venture capital investment rules or tax credits.