The bill establishes the Alaska Innovation Council within the Department of Commerce, Community, and Economic Development, aimed at promoting economic growth and innovation in the state. It outlines the composition of the council, which will consist of 12 members, including state officials, appointed members with expertise in entrepreneurship and investment, and representatives from organized labor and regional development organizations. The bill specifies the terms of service for council members, the quorum required for conducting business, and the election of a chair. Additionally, it mandates that the council meet at least three times a year and provides for the appointment of staff from the Department of Commerce.

Furthermore, the council is tasked with advising various stakeholders on promoting research commercialization, stimulating investment in emerging industries, and developing entrepreneurship capabilities. It is required to prepare an annual innovation and economic competitiveness plan that includes recommendations for enhancing the state's economic landscape. The bill also includes transitional provisions for the initial terms of council members and the timeline for the first competitiveness plan, ensuring a structured implementation of the council's objectives.

Statutes affected:
HB0034A, AM HB 34, introduced 01/10/2025: 39.50.200, 44.33.850, 39.20.180, 44.33.860, 44.33.870, 44.33.880
HB0034B, AM CSHB 34(L&C), introduced 03/03/2025: 39.50.200, 44.33.850, 39.20.180, 44.33.860, 44.33.870, 44.33.880