The Pennsylvania SBIR/STTR Matching Funds Program Act establishes a program aimed at providing technology grants to small businesses that participate in the Federal Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR) programs. The Department of Community and Economic Development will administer the program, offering grants that match funds received from SBIR or STTR Phase I awards, with a maximum grant amount of $50,000. To qualify for these grants, businesses must meet specific eligibility criteria, including having a principal place of business in Pennsylvania, receiving a Phase I award, and ensuring that a significant portion of the research is conducted within the state.

The bill outlines the application process, which will be made publicly accessible, and stipulates that businesses can only receive one grant per year and a maximum of five awards under the program. Additionally, the department is authorized to create necessary regulations for the program's implementation. The act will take effect 60 days after its passage, and funding will be appropriated by the General Assembly to support the program's administration and grant distribution.