TO REPEAL THE LAW REQUIRING THE SECRETARY OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO SUBMIT A REPORT CONCERNING CHANGES MADE IN FEDERAL INCOME TAX LAWS AND REGULATIONS.

Senate Bill 386 proposes to repeal an existing law that requires the Secretary of the Department of Finance and Administration to submit a specific report. Currently, the Secretary monitors changes in federal income tax laws and regulations to determine their impact on Arkansas income tax law. The Secretary is mandated to report these findings annually to the House and Senate Committees on Revenue and Taxation. If enacted, SB 386 would remove this duty, meaning the Secretary would no longer be required to produce or submit this annual report to the legislative committees.