AR SB676

Repeals Arkansas Code § 6-80-106, which previously limited state-supported higher education institutions' spending on academic and performance scholarships to a maximum percentage of tuition and mandatory fee income

Removes the spending caps that were set at 30% initially, declining to 25% beginning in fiscal year 2012-2013, and further declining to 20% beginning in fiscal year 2013-2014

Eliminates the requirement that institutions report annually to the Arkansas Higher Education Coordinating Board on the percentage of revenue spent on academic and performance scholarships

Amends Arkansas Code § 6-64-305(f) to remove the exemption of eVersity (an online institution) from the repealed scholarship spending limitations statute

Eliminates penalties that would have reduced state funding recommendations for institutions exceeding the 20% spending threshold on academic and performance scholarships