HB 2253
Initials AG/KM Page 1 Health & Human Services
ARIZONA HOUSE OF REPRESENTATIVES
Fifty-sixth Legislature
First Regular Session
HB2253: appropriation; health innovation trust fund.
Sponsor: Representative Wilmeth, LD 2
Committee on Health & Human Services
Overview
Appropriates $200,000,000 from the state General Fund (GF) in FY 2024 to the Arizona Health
Innovation Trust Fund (Trust Fund).
History
Laws 2022, Chapter 314 established the Trust Fund to be administered by the State Treasurer,
who acts as trustee. The Trust Fund is a permanent endowment fund that consists of legislative
appropriations, fund earnings, gifts and grants donated or given to the Trust Fund. Monies in the
Trust Fund are continuously appropriated and are exempt from lapsing.
The trustee must accept, separately account for and hold in trust any deposited Trust Fund
monies in the state Treasury. Trust Fund monies cannot be commingled with other monies, except
for investment purposes. The State Treasurer must invest and divest Trust Fund monies and
monies earned from interest and investment income are credited to the Trust Fund.
The trustee will annually allocate four percent of Trust Fund monies to an entity that meets all the
following criteria:
1) a qualified, charitable organization;
2) provides entrepreneurial education, mentorship and support to individuals in health
innovation and health care delivery sectors;
3) provides workforce development programs that support the talent requirements of
employers in health innovation and health care sectors;
4) provides programs that support the development and commercialization of health
innovation by Arizona businesses with less than one hundred employees; and
5) has entered an endowment agreement with the trustee which includes investment
procedures, maturity timelines, entity reporting and other requirements, which should
include how distributions from the Trust Fund are used and the social and economic
impact of use.
On or before December 31 of each year, the entity must submit a report to the Governor, the
President of the Senate, the Speaker of the House of Representatives, the trustee and provide a
copy to the Secretary of State (A.R.S. § 41-177).
Provisions
1. Appropriates $200,000,000 from the state GF in FY 2024 to the Trust Fund. (Sec. 1)
☐ Prop 105 (45 votes) ☐ Prop 108 (40 votes) ☐ Emergency (40 votes) ☐ Fiscal Note