The bill proposes the repeal of the annual report requirement under the Venture Capital Investment Act of 2001. Specifically, it seeks to eliminate Arkansas Code 15-5-1408, which mandates that the designated investor group publish an annual report within six months after the close of its fiscal year. This report is required to include an annual audit of the group's activities, be presented to various state officials and committees, document the group's progress in implementing its investment plan, and list any use, redemption, or transfer of tax credits.

By removing this requirement, the bill aims to streamline the reporting process for designated investor groups, potentially reducing administrative burdens and allowing for more flexibility in their operations. The repeal signifies a shift in the legislative approach to oversight and accountability within the venture capital sector in Arkansas.