SB298 Summary

• Amends Alabama Innovation Act (Code of Alabama 1975, Sections 41-23-252, 41-23-253, and 41-23-255) to modify the research and development enhancement grant program administered by the Alabama Department of Economic and Community Affairs (ADECA).

• Authorizes ADECA to establish a competitive scoring system for awarding grants based on criteria including new research, industry partner financial commitment, benefits to Alabama businesses, and improvements to state employment and products/services.

• Clarifies that individual grant awards may not exceed the lesser of 20 percent of total annual grant funds or 50 percent of budgeted project costs, with indirect and administrative costs capped at 10 percent of the grant amount.

• Allows research and development grant funds to be used to compensate interns on projects through an optional faculty and student intern partnership program requiring $10,000 to $50,000 per year in grant funds with matching non-state funding.

• Establishes that when additional grant funds become available after initial allocation, ADECA may award grants based on the competitive rating system to conditionally denied applications in the order received.