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 various technology sectors. The funding distribution includes $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 during this process.

Additionally, the bill mandates that recipient research centers collaborate with various educational and business entities and submit annual expenditure and performance reports to the authority, which will then relay this information to the joint legislative budget committee and the governor's office. The appropriation is exempt from lapsing provisions, allowing unspent funds to revert to the general fund after June 30, 2027, and it expresses the legislature's intent for this funding to be ongoing in future years.