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AR SB533
Bill
Status
10/15/2021
Primary Sponsor
Dan Sullivan
Click for details
AI Summary
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Repeals the Venture Capital Investment Act of 2001 (§ 15-5-1401 et seq.) in its entirety, eliminating the designated investor group program and associated tax credit mechanisms.
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Removes references to "qualified investments" from the Arkansas Development Finance Authority Small Business Act of 1989, streamlining small business lending programs.
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Eliminates the "Direct Fund" definition and "Qualified investment" definition from the Small Business Act, consolidating funding mechanisms under the Arkansas Development Finance Authority.
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Removes the authority's obligation to make funding recommendations for the Venture Capital Investment Act from the Division of Science and Technology's program list.
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Corrects language regarding conflict of interest provisions for Division of Science and Technology directors, officers, and employees to prohibit personal gain from contracts or agreements.
Legislative Description
To Amend The Arkansas Development Finance Authority Small Business Act Of 1989; To Amend The Arkansas Development Finance Authority Bond Guaranty Act Of 1985; And To Repeal The Venture Capital Investment Act Of 2001.
Last Action
Died in Senate Committee at Sine Die adjournment.
10/15/2021