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, the bill allows applications for iHub designations to be submitted until December 31, 2025, and similarly extends the deadline for new applications under the Nebraska Rural Projects Act to the same date, 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 emphasizing the importance of serving underrepresented communities.

Additionally, the bill mandates that the director of the relevant department evaluate iHub applications using a weighted scoring system that prioritizes innovative ideas and community engagement. It requires annual reporting from designated iHubs on their progress and impacts, including job creation and funds raised, which will be made publicly available. The original sections of the statutes are repealed to incorporate these changes effectively.