AZ HB2428

Requires each county treasurer to hold property taxes in an interest-bearing account for 15 calendar days beginning July 1, 2019, and transfer all interest earned to the state treasurer by June 30 annually.

Establishes the Arizona higher education financial aid program administered by the Commission for Postsecondary Education, funded by interest transferred from county treasurers.

Qualifies Arizona residents enrolled in Arizona Board of Regents universities or community college districts for aid, provided they maintain a minimum 2.5 grade point average on a 4.0 scale.

Requires the Commission to distribute funds on or before August 1 of each year beginning in 2023 to cover full tuition and fees for qualifying students; if insufficient funds exist, distribution occurs on a first-come, first-served basis.

The program terminates on July 1, 2028 pursuant to Arizona's sunset review process.