This bill proposes to appropriate $8,000,000 from the state general fund to the Arizona Commerce Authority for fiscal year 2025-2026, with specific allocations for applied research centers in the state. The funding is designated as follows: $3,000,000 for medical technology, $2,000,000 for energy and water sustainability technologies, $2,000,000 for semiconductor technologies, and $1,000,000 for other beneficial technologies as determined by the authority. The authority is required to distribute these funds in increments of up to $250,000 to centers that provide matching funds from non-state sources.

Additionally, the bill outlines collaboration requirements for applied research centers receiving funds, mandates annual expenditure and performance reporting to the authority, and exempts the appropriation from lapsing provisions, with unspent funds reverting to the state general fund after June 30, 2027. The legislature also expresses intent for this appropriation to be considered ongoing funding in future years.