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 a new Subchapter G, which outlines definitions, eligibility criteria, application processes, and grant award limitations for the program. Key definitions include "federal funding program," referring to small business innovation research and technology transfer programs, and "program," which denotes the Texas technology and innovation program itself.

To qualify for funding, business entities must meet specific conditions, such as being organized in Texas or maintaining a significant presence in the state, and must not receive concurrent funding from other state programs for the same purpose. The application process requires entities to submit detailed information, including their business structure and compliance with federal funding requirements. The bill also stipulates that grants can be awarded in phases, with limitations on the number of grants a business can receive in a fiscal year. Additionally, the Texas Economic Development and Tourism Office is tasked with implementing the program and may seek additional funding through gifts and donations. The act is set to take effect on September 1, 2025.

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