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 membership and operational structure of the Advanced Technology Review Committee, which will include representatives from the information technology department, the North Dakota university system, and private sector experts appointed by state leaders. The committee is tasked with reviewing and approving grant applications from entrepreneurs and small businesses engaged in advanced technology research and development.

Additionally, the bill mandates the administration of the Advanced Technology Grant Program by the Department of Commerce, which will provide grants to support early-stage research and development in advanced technologies. The committee will establish eligibility guidelines for grant applicants and prioritize projects that promote advancements in fields like artificial intelligence and quantum computing. The Advanced Technology Grant Fund will be created to manage the financial resources allocated for these grants, ensuring that funds are used specifically for enhancing technology product development and not for administrative costs or capital investments. 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.