The proposed bill, if enacted, would introduce several significant updates to current statutes regarding commerce in Arizona. It would establish the Office of Defense Innovation within the Arizona Commerce Authority, allowing it to act as a liaison with the U.S. Department of Defense and support Arizona-based companies seeking federal defense contracts. The Office would also be tasked with developing a strategic plan to enhance Arizona's competitiveness in defense-related industries and would be required to submit annual reports on its activities and recommendations to key state officials, including the Governor and legislative leaders.

Additionally, the bill would amend existing reporting deadlines for the Office of Economic Opportunity, extending the submission dates for reports on microfinance lenders and microbusiness credit availability from February 1, 2024, to February 1, 2026, and from July 31, 2024, to July 31, 2026. It would also continue the Microbusiness Loan Fund and Program until July 1, 2027, after which any remaining funds would be transferred to the state General Fund. The bill includes retroactive provisions to ensure its applicability from June 29, 2025.

Statutes affected:
Introduced Version:
House Engrossed Version:
Chaptered Version: