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 programs. The bill introduces a new subchapter, Subchapter G, to Chapter 489 of the Government Code, which outlines definitions, eligibility criteria, application processes, 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 process, requiring businesses to submit various documents, including proof of federal funding program participation. Grants can be awarded for different phases of the federal funding program, 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, and includes provisions regarding the implementation of mandatory duties based on available appropriations.

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