The proposed bill, if enacted, would introduce several significant updates to current statutes related to commerce in Arizona. It establishes the Office of Defense Innovation within the Arizona Commerce Authority, which will serve as a liaison with the U.S. Department of Defense and other national security organizations. The Office will be tasked with various responsibilities, including identifying federal funding opportunities, supporting Arizona-based companies seeking defense contracts, and enhancing the state's competitiveness in defense-related industries. Additionally, the Office is required to submit annual reports detailing its activities and recommendations to key state officials.

Furthermore, the bill modifies existing reporting deadlines for the Office of Economic Opportunity regarding microfinance lenders and microbusiness credit availability, extending the deadlines from 2024 to 2026. It also continues the Microbusiness Loan Fund and Program for an additional two years, until July 1, 2027, after which it will be repealed, and any remaining funds will be transferred to the state General Fund. The bill includes retroactive provisions to ensure its applicability from June 29, 2025.

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Introduced Version: