SB 1374 Summary

• Amends Arizona Revised Statutes section 15-1647 regarding Arizona State University's distribution of licensing and patent income.

• Requires Arizona State University to distribute gross or net income from licensing revenues and patents, including up-front payments, royalties, and commercialization revenues.

• Mandates Arizona State University to provide an audited annual report detailing the distribution of income, expenditures, and actual expenses.

• Changes report distribution recipients to include the Arizona Board of Regents president, governor, senate president, house speaker, and secretary of state (removes reference to the department of library, archives and public records).