The proposed bill would update current statutes by mandating the Auditor General to conduct a comprehensive feasibility review of light rail expansion in Maricopa County by December 31, 2027. This review must be coordinated with an independent transportation research entity and will include various analyses such as cost comparisons between light rail and other transit modes, environmental impacts, long-term economic benefits, and the effects on local businesses during construction. The findings will be reported to key state officials, including the Governor and legislative leaders, and a copy will be provided to the Mayor of Phoenix and city council members.

Additionally, the bill introduces definitions for "light rail construction" and "state participation," clarifying what constitutes state involvement in such projects. It also specifies that the feasibility review cannot assume the superiority of any transit mode and includes a provision for the act to be repealed after June 30, 2028. The bill removes previous prohibitions on state participation in light rail construction projects, thereby allowing for potential future state funding or involvement in such initiatives.