Change provisions of the Business Innovation Act

Summary

The bill changes how the state selects and funds projects that create prototypes or commercialize new products, requiring matching non‑state funds and setting caps on awards. It also establishes a $15 million yearly budget for the program, adds $4 million from savings on another tax credit, and directs the department to work with a statewide venture development nonprofit. The changes aim to better target innovation, leverage private investment, and streamline administration.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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