H.B. No. 1268 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 small business innovation programs. The bill introduces a new subchapter, Subchapter G, to Chapter 489 of the Government Code, which outlines definitions, eligibility criteria, application processes, and funding mechanisms 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 details the application process for businesses seeking grants, including the submission of required documentation and certifications. It also establishes limitations on the number of grants a business can receive in a fiscal year and outlines the funding sources for the program, which may include state appropriations and private donations. Additionally, the Texas Economic Development and Tourism Office is tasked with implementing the program and adopting necessary rules. The act is set to take effect on September 1, 2025, and includes provisions regarding the implementation of mandatory duties based on available funding.

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