Senate Bill No. 209 proposes the establishment of the Texas Technology and Innovation Program, which aims to promote job creation and economic development in Texas by providing financial support to business entities that receive funding through federal programs. The bill amends Chapter 489 of the Government Code by adding Subchapter G, which outlines the definitions, eligibility criteria, application process, and grant award limitations for the program. Eligible businesses must meet specific conditions, such as being organized in Texas or having a significant presence in the state, and must not receive concurrent funding from other state programs for the same purpose.

The bill also details the application requirements, including the need for businesses to submit documentation related to their federal funding applications. Grants can be awarded in different phases, with specific conditions for each phase, and businesses are limited to one grant per fiscal year and a maximum of five grants across all phases. The Texas Economic Development and Tourism Office is tasked with administering the program and is authorized to seek additional funding through gifts and donations. The act is set to take effect on September 1, 2025.

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