Senate Bill No. 417, also known as Special Act No. 26-23, mandates the Department of Economic and Community Development to create a plan for an artificial intelligence small business program. This program aims to provide financial assistance to eligible small businesses for the adoption and deployment of artificial intelligence technologies, enhancing productivity and product quality. The bill defines "artificial intelligence" and "artificial intelligence technology," and outlines that the financial assistance may include grants, loans, and equity investments. The plan must also establish eligibility criteria, an application process, and guidelines for financial assistance, including a requirement for businesses to train employees in AI-related skills and prepare them for potential job displacement.

The Department is required to report on the developed plan by January 1, 2027, including any legislative recommendations necessary for implementation. The bill does not include any deletions from current law but introduces new legal language to define terms and outline the responsibilities of the Department of Economic and Community Development in relation to the artificial intelligence small business program.