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 other organizations, pursue federal funding opportunities, support Arizona-based companies seeking defense contracts, and enhance the state's competitiveness in defense-related industries. Additionally, the Office would be required to submit annual reports detailing its activities and recommendations to key state officials.

Furthermore, 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 2024 to 2026. It would also continue the Microbusiness Loan Fund and Program for an additional two years, 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: