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 are intended to support capital investments in smart technologies that will improve productivity and have a positive economic impact within the state. The bill outlines specific criteria for eligible manufacturing operations, including a minimum of three years in business, a significant portion of revenue derived from manufactured goods, and 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 operations can apply for grants ranging up to $250,000, with applications accepted during a specified period. The bill also includes provisions for the repayment of grant funds if an operation no longer meets eligibility requirements and allows the department to create necessary regulations for implementation. The act is set to take effect immediately upon passage due to the declared emergency.