AZ HB2258

Amends section 41-1505.09 of Arizona Revised Statutes regarding the Arizona twenty-first century competitive initiative fund administered by the commerce and economic development commission.

Modifies requirements for nonprofit corporations entering into memoranda of understanding with the commission, removing the previous requirement to identify and document private or philanthropic investments of $50 million or more in fiscal year 2005-2006.

Establishes that nonprofit corporations must provide funding equal to or greater than state financial assistance for fiscal year 2011-2012 and each fiscal year thereafter to achieve fund goals in medical, scientific, and engineering research.

Provides first preference for financial assistance to Arizona businesses with twelve or fewer employees.

Requires the commission to submit memoranda of understanding to the joint legislative budget committee for review before expenditures, including quarterly reviews of fund expenditures and changes to agreements.