This bill proposes the creation of a new chapter in Title 54 of the North Dakota Century Code, establishing the Advanced Technology Review Committee, the Advanced Technology Grant Program, and the Advanced Technology Grant Fund. The committee will consist of members from the information technology department, the North Dakota university system, and private sector appointees with expertise in advanced technology. The committee will be responsible for reviewing and approving grant applications from entrepreneurs and small businesses engaged in early-stage advanced technology research and development. The bill outlines the eligibility criteria for grant funding, the use of funds, and the responsibilities of the committee and the department of commerce in administering the program.

Additionally, the bill includes a provision for the transfer of $5,000,000 from the Strategic Investment and Improvements Fund to the Advanced Technology Grant Fund during the biennium from July 1, 2025, to June 30, 2027. It also appropriates $5,000,000 from the Advanced Technology Grant Fund to the Department of Commerce for the grant program for the same biennium, designating this funding as one-time funding. The bill emphasizes the importance of supporting advanced technology initiatives that promote economic development and workforce advancement in North Dakota.