AZ HB2432

Creates a tax credit against premium tax liability for insurance companies that invest in the technology business investment fund, allowing credits to be carried forward up to 15 years if they exceed annual tax liability.

Establishes the technology business investment fund administered by the Arizona Commerce Authority, funded by investments from insurance companies in Arizona-based technology businesses in health, bioscience, semiconductors, electronics, information technology, energy, aerospace, or defense sectors.

Caps annual tax credits at $10 million for fiscal year 2015-2016, and $20 million for each of fiscal years 2016-2017 and 2017-2018, with a single insurer limited to 20% of annual credits or 10% of total credits authorized.

Requires the Commerce Authority to contract with a professional finance management organization to identify and invest in qualifying technology businesses, with priority given to businesses with additional investment sources.

Requires annual audits of the fund and assessments of investment performance including returns, job creation, salary data, exports, tax revenues, and collaborative university investments, with investment returns deposited into a returns fund.