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.

As a result of this amendment, the language that mandated the Secretary to report findings to the House and Senate Committees on Revenue and Taxation has been removed. The bill emphasizes the Secretary's role in monitoring federal tax law changes without the obligation to provide formal reports to the legislative committees.