Senate Bill 366 Summary

• Repeals the Arkansas Development Finance Corporation Act (§ 15-4-901 et seq.) and the Arkansas Capital Development Company Act (§ 15-4-1001 et seq.) in their entirety

• Repeals Connect Arkansas provisions (§ 4-113-103 and § 4-113-105) related to nonprofit broadband education and service registration

• Eliminates references to capital development companies from banking and tax code sections, including provisions allowing investments by state banks, building and loan associations, and savings and loan associations

• Modifies the total cumulative tax credit cap for equity investments in qualified businesses to $6,250,000 annually by removing capital development company references (§ 15-4-3305)

• Makes conforming amendments to remove capital development company definitions and investment authority from the Arkansas Capital Access Program and State Board of Finance investment provisions