Bill > SB00417

This bill requires the Department of Economic and Community Development (DECD) to create a plan for an "artificial intelligence small business program." Artificial intelligence is defined as a system that makes predictions, recommendations, or decisions affecting real or virtual environments, and artificial intelligence technology refers to computer systems or products that use this technology. Financial assistance is broadly defined to include grants, loans, equity investments, and other forms of financing. The DECD, in collaboration with other state agencies and educational institutions, will develop this plan to provide financial aid to eligible small businesses so they can adopt and use artificial intelligence to improve their productivity and the quality of their products or services. The program also aims to foster a competitive environment for the development and use of artificial intelligence technologies. The plan must outline eligibility requirements, an application process, and the terms for financial assistance, and it will mandate that businesses receiving aid train their employees to work with artificial intelligence and prepare any employees whose jobs might be affected by this technology for new roles within the company. The DECD is required to report on this plan, including any legislative recommendations, to the relevant legislative committee by January 1, 2027.