This bill proposes to amend current statutes regarding the Arizona Competes Fund by adding a requirement that the Chief Executive Officer of the Arizona Commerce Authority must use the fund's monies exclusively for designated purposes, but only subject to legislative appropriation. The existing language stating that the CEO shall use the fund exclusively remains unchanged, but the new stipulation regarding legislative appropriation will be inserted into the statute.

Additionally, the bill seeks to repeal the current termination date of the Arizona Competes Program, which is set for July 1, 2026, effectively allowing the program to continue indefinitely. The repeal of this termination date is retroactive to June 30, 2026, meaning that the program will be considered to have continued without interruption from that date. The specific section that outlines the termination of the program will be removed from the statutes.

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