This bill proposes significant updates to the current statutes regarding minimum wage in Arizona. It repeals the existing section 23-362, which was established by previous laws and propositions, and introduces a new section that sets the minimum wage at $18 per hour starting January 1, 2020. The bill also stipulates that the minimum wage will be adjusted annually based on the cost of living, with additional increases of $1 per hour on January 1, 2026, and January 1, 2027. Furthermore, it clarifies definitions related to employment, such as "employer," "employee," and "tipped employee," and establishes specific wage conditions for tipped employees over the next several years.

Additionally, the bill includes provisions to ensure compliance with federal law and states that it applies prospectively, meaning it will not affect rights or duties that arose before its effective date. It also contains a severability clause, ensuring that if any part of the act is deemed invalid, the remaining provisions will still be enforceable. The act is titled the "One Fair Wage Act" and requires a supermajority vote in the legislature for its enactment.