AZ SCR1026

Establishes a new luxury tax on electronic smoking devices (73% of wholesale cost) and tobacco products, with rates ranging from $0.075 per cigarette to 43% of wholesale price for other tobacco products.

Creates the Electronic Smoking Device and Tobacco Products Tax Fund, with 73% of revenues deposited into a tobacco tax adjustment account to compensate existing funds for revenue losses from the new tax, and 27% allocated to Arizona Board of Regents for scholarships and university funding.

Requires Arizona Board of Regents to award "regents scholarships" to Arizona residents who earned A or B grades in all core academic high school courses and are admitted to a state university.

Increases minimum annual appropriations for Arizona Board of Regents institutions beginning fiscal year 2021-2022 by either 2% or the GDP price deflator change, whichever is less, with no reductions below fiscal year 2021-2022 levels.

Submits the measure to Arizona voters at the next general election for approval as a constitutional proposition.