The Arizona Health Innovation Trust Fund (AHIT) was established in 2022 to develop workforce programs; support small health innovation businesses; and provide other financial support that will drive growth in Arizona’s life science sector. On February 23, 2023, SB1084 was amended to appropriate $50 million in funding for AHIT in Arizona’s FY24 budget and declares that the Legislature intends that the Fund steadily grows to maintain a permanent endowment balance of at least $200 million. The amended bill received a Do Pass as Amended recommendation. SB1084 now moves to consideration by the Senate Rules Committee.
SB1084 Appropriates $50 million in FY 2024 from the state General Fund (state GF) to the Arizona Health Innovation Trust Fund (Fund) and declares that the Legislature intends that the Fund steadily grows to maintain a permanent endowment balance of at least $200 million.
The Fund is a permanent endowment fund that consists of monies continuously appropriated by the Legislature. The Arizona State Treasurer must annually allocate four percent of the monies in the Fund to an entity that satisfies the following requirements: 1) is a charitable organization; 2) provides entrepreneurial education, mentoring and support to persons in the health innovation and health care delivery sectors; 3) provides programs that support workforce development; 4) provides programs that support the development and commercialization of health innovation; and 5) has entered into an endowment agreement with the Treasurer that includes investment procedures, maturity timelines, other requirements established by the Treasurer and entity reporting requirements. The entity must annually submit the report, as prescribed by the Treasurer, to the Governor, the President of the Senate, the Speaker of the House of Representatives and the Treasurer by December 31 each year (A.R.S. § 41-177).
S.B. 1084 appropriates $50 million in FY 2024 from the state GF to the Fund.
- Appropriates $50 million in FY 2024 from the state GF to the Fund.
- Declares that the Legislature intends that the Fund, consisting of gifts or grants donated or
given to the Fund, monies appropriated by the Legislature and earnings from the Fund, steadily
grows to ultimately maintain a permanent endowment balance of at least $200 million.
- Becomes effective on the general effective date.
Amendments Adopted by Committee
- Reduces the appropriation of $200 million to $50 million from the state GF to the Fund.
- Declares that the Legislature intends that the Fund steadily grows to ultimately maintain a
permanent endowment balance of at least $200 million.
Community Input on SB1084: appropriation; Arizona Health Innovation Trust Fund
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