The bill passed on March 14, 2026, and will take effect 90 days after passage, on June 12, 2026. It aims to repeal section 18B-18A-12 of the Code of West Virginia, 1931, which pertains to the annual reporting requirement for the West Virginia Research Trust Fund.

By repealing this section, the bill eliminates the obligation for annual reports related to the Trust Fund, streamlining the administrative process associated with it. This change reflects a legislative decision to reduce regulatory burdens on the fund's management.