The proposed bill, if enacted, would significantly revise the current statutes regarding the distribution of funds for public infrastructure improvements related to manufacturing facilities. Under the current law, the total amount paid to cities, towns, or counties cannot exceed $200,000,000. The bill would amend this to a maximum of $75,000,000 each fiscal year. Additionally, it would change the notification requirement for local governments, mandating them to inform the Arizona Department of Revenue when the funds received exceed the total amount they are permitted to receive, rather than the previous threshold of 80% of the infrastructure costs.

Furthermore, the bill introduces new provisions that require the Arizona Department of Revenue to retain any excess funds that exceed the maximum allowable amount for a fiscal year and to resume payments in the following fiscal year. It also mandates the posting of development and intergovernmental agreements on the department's website. The definition of "public infrastructure" would be expanded to include additional facilities necessary to support manufacturing activities. Overall, these changes aim to streamline the funding process and enhance transparency in the distribution of public infrastructure funds.

Statutes affected:
Introduced Version: 42-5032.02