The proposed bill establishes a new chapter in Title 54 of the North Dakota Century Code, focusing on the creation of the Advanced Technology Review Committee, the Advanced Technology Grant Program, and the Advanced Technology Grant Fund. The bill defines key terms such as "Chief Information Officer," "Commissioner," and "Committee," and outlines the composition and responsibilities of the Advanced Technology Review Committee, which includes members from both the public and private sectors. The committee is tasked with reviewing and approving grant applications from entrepreneurs and small businesses engaged in advanced technology research and development, particularly those unable to secure funding for prototype development.

Additionally, the bill mandates the Department of Commerce to administer the Advanced Technology Grant Program, which will provide grants for activities related to advanced technology. The committee will establish eligibility guidelines for grant applicants, prioritizing projects that advance artificial intelligence, machine learning, and quantum computing. The Advanced Technology Grant Fund will be created to support these grants and cover administrative expenses, with strict guidelines on the use of funds to ensure they are directed towards enhancing technology development rather than operational costs. The bill also includes provisions for post-award monitoring to evaluate the impact of funded projects on economic development and workforce enhancement in the state.