The bill amends existing law regarding the responsibilities of the Secretary of the Department of Finance and Administration in relation to federal income tax laws and regulations. Specifically, it repeals the requirement for the Secretary to submit an annual report detailing changes in federal income tax laws and how these changes may impact Arkansas income tax law.

The revised language emphasizes the Secretary's role in monitoring federal tax law changes without the obligation to report findings to legislative committees. This change aims to streamline the reporting process and reduce administrative burdens associated with the annual reporting requirement.