AZ SB1316

County treasurers must hold all collected property taxes in an interest-bearing account for 15 calendar days, beginning July 1, 2024.

Interest earned from the 15-day property tax holding period is transferred annually by June 30 to the state treasurer for deposit into the Arizona Higher Education Financial Aid Program Fund.

The Arizona Board of Regents establishes the financial aid program and distributes monies to qualifying students beginning in 2028 to cover full tuition and fees at Arizona universities or community colleges.

Students must be Arizona residents, enrolled in or accepted to a university under the Board of Regents or community college, and maintain a minimum 2.5 GPA on a 4.0 scale to qualify for aid.

The bill requires an affirmative vote of at least two-thirds of both houses of the legislature to become effective.