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 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 can demonstrate matching funds from other sources.

Additionally, the bill outlines collaboration requirements for applied research centers receiving funding, mandates annual expenditure and performance reporting to the authority, and exempts the authority from certain statutory requirements regarding fund distribution. It also specifies that the appropriation is exempt from lapsing provisions, with unspent funds reverting to the general fund after June 30, 2027, and expresses the legislature's intent for this funding to be ongoing in future years.