SB1723 Summary

• Reduces the job creation withholdings clearing account from $21.5 million in fiscal year 2018-2019 to $10.5 million annually, with $10 million directed to the Arizona commerce authority fund and $500,000 to the Arizona competes fund.

• Establishes the rural broadband accelerated match fund to help political subdivisions meet matching requirements for the federal broadband equity, access and deployment program, distributing funds equally among large counties, small counties, large municipalities, and small municipalities.

• Requires the Arizona commerce authority to award water infrastructure and commerce grant fund monies to projects beginning after January 1, 2023, and allocate all such funds by December 31, 2025.

• Creates the microbusiness loan fund administered by the office of economic opportunity to provide funding to community development financial institutions and nonprofit lenders that make loans up to $50,000 to businesses with five or fewer employees.

• Requires reports to legislative leadership detailing broadband fund distribution by September 1 annually and microbusiness loan program activity by February 1 and July 31, 2024.