The proposed bill, known as the Manufacturing Modernization Pilot Investment Act, aims to enhance the manufacturing sector in Nebraska by providing one-time grants to eligible manufacturing operations. These grants, which can be up to $250,000, are intended to support capital investments in smart technologies that will improve productivity and efficiency. To qualify for the grant, manufacturing operations must meet specific criteria, including being established for at least three years, deriving a majority of revenue from manufactured goods, and demonstrating the ability to provide matching financial support for their modernization projects.

The bill establishes the Manufacturing Modernization Pilot Investment Fund, which will be administered by the Department of Economic Development and funded through legislative appropriations and other sources. Eligible manufacturing operations can apply for grants during a designated application period, and the department will approve applications based on available funding. Additionally, the bill includes provisions for the repayment of grant funds if an operation no longer meets eligibility requirements. The act is set to take effect immediately upon passage, reflecting the urgency of supporting Nebraska's manufacturing sector.