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REFERENCE TITLE: technical correction; licensing; patent income |
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State of Arizona Senate Fifty-second Legislature Second Regular Session 2016
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SB 1093 |
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Introduced by Senator Allen
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AN ACT
amending section 15‑1647, Arizona Revised Statutes; relating to Arizona state university.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 15-1647, Arizona Revised Statutes, is amended to read:
15-1647. Distribution of licensing and patent income; Arizona state university; report
A. Notwithstanding any other law, Arizona state university shall distribute the gross or net income derived from the licensing and other revenues derived from patents, including anticancer, antiviral, antifungal or antimicrobial drug discoveries or inventions, including up‑front payments, royalties and any other subsequent or eventual revenue attributable to commercialization.
B. The distribution of income received pursuant to subsection A shall be detailed by Arizona state university in an audited annual report. Arizona state university shall specify the expenditures and actual expenses in the audited annual report. The report shall be distributed annually to the president of the Arizona board of regents, the governor, the president of the senate, the speaker of the house of representatives, and the secretary of state and the department of library, archives and public records.