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 mandated that the designated investor group publish an annual report within six months after the close of its fiscal year. This report was required to include an annual audit of the group's activities, be presented to various state officials and committees, document the progress of the 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 reflects a legislative intent to simplify compliance measures associated with venture capital investments in the state.