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ID H0181
Bill
AI Summary
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Creates the Idaho Small Business Federal Funding Assistance Act, administered by the Idaho Department of Commerce, to reimburse Idaho small businesses for costs incurred in developing and submitting federal grant proposals.
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Provides state grants of up to $4,000 in general fund dollars to reimburse eligible expenses for Idaho for-profit companies with 500 or fewer employees seeking federal funding through small business innovative research grants, small business technology transfer research grants, broad area announcements, or other grant programs.
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Requires businesses that win federal awards to reimburse the state grant fund, with companies winning federal awards exceeding $250,000 agreeing to repay up to five times the amount of their state grant to help replenish the fund.
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Directs the Department of Commerce to administer the program to avoid favoritism and maximize public purposes by increasing the number of federal grant proposals and awards from Idaho small businesses, with particular emphasis on encouraging companies that have not previously competed for federal funding.
Legislative Description
Adds to existing law to create the Idaho Small Business Assistance Fund, to provide for the use of moneys in such fund, to provide that the Idaho Department of Commerce shall administer such fund, to create a program in the Department of Commerce for the awarding of reimbursement grants to companies seeking federal funding and to provide criteria for the awarding of funding.
SMALL BUSINESS FEDERAL FUNDING ASSISTANCE ACT
Last Action
Governor signed Session Law Chapter 224 Effective: 07/01/11
4/6/2011