This bill amends several sections of the Business Innovation Act in Nebraska, focusing on enhancing financial assistance programs for businesses and individuals involved in innovation and commercialization. Key changes include the establishment of a qualified action plan by the department to prioritize projects based on local economic conditions and innovation needs. The bill also specifies that the department shall award at least four million dollars per year and may award up to six million dollars for financial assistance under both the prototype creation and commercialization programs. Additionally, it mandates that financial assistance must be expended within twenty-four months of the awarding decision.

Furthermore, the bill expresses the Legislature's intent to appropriate fifteen million dollars annually for the Business Innovation Act starting in fiscal year 2026-27. It also outlines that up to five percent of the appropriated funds may be allocated for administrative expenses. The original sections of the law being amended are repealed, and the bill is set to take effect immediately upon passage due to the declaration of an emergency.