If this bill were to become law, it would amend current statutes related to the Arizona Competes Fund by extending the program's duration from July 1, 2026, to July 1, 2030. Specifically, it would insert language stating that the fund is subject to legislative appropriation, ensuring that the Chief Executive Officer of the Arizona Commerce Authority uses the fund's monies exclusively for the purposes outlined in the article.

Additionally, the bill would retroactively apply the amendments to the Arizona Competes Fund, effective from June 30, 2026. This means that the changes would take effect as if they had been in place prior to the original termination date, thereby allowing for continued funding and support for economic development initiatives in Arizona.

Statutes affected:
Introduced Version: 41-1545.01, 41-1545.05, 43-409, 111-5, 41-1504, 35-313, 35-190
House Engrossed Version: 41-1545.01, 41-1545.05, 43-409, 111-5, 41-1504, 35-313, 35-190