The bill HB2471 proposes significant changes to the governance and administration of the Arizona Commerce Authority (ACA). It aims to terminate the ACA and transfer its powers and duties to the Office of Economic Opportunity (OEO) and the Arizona Department of Administration. The bill establishes a new governing board for the OEO with specific membership requirements and creates an advisory council to assess business factors in Arizona and develop a regulatory and tax burden scorecard for municipalities. The OEO Director's appointment and responsibilities are revised, and the bill introduces requirements for public financial disclosures by board members and annual job creation reports.

The bill also addresses funds and tax credits by repealing the Arizona Competes Fund and modifying tax credit provisions. It introduces a legislative ratification process for rules that significantly increase regulatory costs, granting taxpayers standing to challenge grant compliance and prohibiting the OEO from certain expenditures. Definitions are updated, and the bill includes various prohibitions and requirements aimed at ensuring transparency and accountability. The bill is retroactive to July 1, 2024, and includes amendments adopted by the committee, such as clarifying the transfer of ACA duties to the OEO, eliminating the ACA CEO position, and specifying the composition of the OEO board and advisory council.

Statutes affected:
Introduced Version: 41-1039
House Engrossed Version: 41-1039