This bill amends sections 81-12,110 and 81-12,208 of the Reissue Revised Statutes of Nebraska to establish new application deadlines for the Nebraska Innovation Hub Act and the Nebraska Rural Projects Act. Specifically, it allows private nonprofit corporations and inland port authorities to apply for designation as an iHub until December 31, 2025, and sets a similar deadline for applications under the Nebraska Rural Projects Act, replacing the previous deadline of June 30, 2023. The bill also outlines the requirements for iHub applications, including a detailed budget, management structure, and a five-year plan, while establishing a weighted scoring system to prioritize applications that serve underrepresented communities.

Additionally, the bill mandates that the director of the relevant department must approve or deny iHub applications within 45 days and requires annual reporting from designated iHubs on their progress towards meeting established goals. The original sections 81-12,110 and 81-12,208 are repealed, consolidating the updated provisions into the law. Overall, the bill aims to enhance economic development by extending the timeframe for applications and ensuring that new projects align with community needs and innovation goals.