AR SB929

Restructures the Arkansas Acceleration Fund Committee into an advisory capacity for the Arkansas Research Alliance, removing the separate committee structure and expanding the Alliance's role in recommending funding allocations across multiple economic development programs.

Repeals the detailed membership requirements and appointment procedures for the Acceleration Fund Committee, eliminating the requirement for seven private sector members and consolidating advisory functions within the existing Research Alliance structure.

Modifies definitions in the Arkansas Risk Capital Matching Fund to replace "angel investor" with "accredited investor" (as defined in federal securities regulations) and renumbers definition subsections accordingly.

Updates references throughout the Risk Capital Matching Fund sections to substitute "accredited investors" for "angel investors" and clarifies matching fund requirements and investment limitations for the Technology Validation and Enterprise Development Accounts.

Repeals the standalone Private Sector Advisory Committee statute while maintaining advisory committee functions, and declares an emergency effective upon the Governor's approval to ensure continuity of entrepreneurial funding services.