This bill proposes the repeal of sections 54-27-21 and 54-27-21.1 of the North Dakota Century Code, which pertain to the minimum reporting value of fixed assets and the documentation required for asset acquisitions. By removing these sections, the bill aims to eliminate existing regulations related to the reporting and documentation of fixed assets.

Additionally, the bill declares an emergency, indicating that the changes are intended to take effect immediately upon passage. This urgency suggests that the current regulations may be seen as burdensome or outdated, necessitating prompt action to streamline asset management processes within the state.