This bill proposes to appropriate $8,000,000 from the state general fund to the Arizona Commerce Authority for fiscal year 2025-2026, specifically targeting applied research centers in the state. The funds are allocated 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, and it is exempt from certain statutory requirements in doing so.

Additionally, the bill mandates that recipient research centers collaborate with various educational and business entities and may engage in workforce training related to the funded technologies. Each center must submit an annual expenditure and performance report to the authority, which will then relay this information to the joint legislative budget committee and the governor's office. The appropriation is designed to be ongoing, with any unspent funds reverting to the state general fund after June 30, 2027, unless otherwise specified.