Summary of Bill S 2172

Bill Number: S 2172

Title: Provides small businesses with grants to commercialize energy and environmental technology innovations in-state

Status: Referred to Corporations, Authorities and Commissions

Introduced: January 15, 2025

Classification: Bill

Purpose and Intent

Bill S 2172 aims to support small businesses in the state by providing grants specifically designed to assist in the commercialization of energy and environmental technology innovations. The intent is to foster local economic growth, promote sustainable practices, and enhance the state's position as a leader in clean technology.

Key Provisions

• Grant Allocation: The bill proposes the establishment of a grant program that will provide financial assistance to small businesses engaged in developing energy and environmental technologies.

• Eligibility Criteria: Small businesses must meet specific criteria to qualify for the grants, which may include factors such as company size, revenue limits, and the nature of the technology being developed.

• Use of Funds: Grant funds can be utilized for various purposes, including research and development, prototype creation, market analysis, and other activities that facilitate the commercialization process.

• In-State Focus: The bill emphasizes that the grants are intended for businesses operating within the state, thereby encouraging local innovation and job creation.

Who Would Be Affected

• Small Businesses: The primary beneficiaries of this bill are small businesses involved in energy and environmental technology sectors. These businesses will gain access to crucial funding that can help them bring their innovations to market.

• State Economy: By supporting small businesses, the bill is expected to stimulate economic growth within the state, potentially leading to job creation and increased competitiveness in the clean technology sector.

• Environmental Impact: The promotion of energy and environmental technologies aligns with broader goals of sustainability and environmental protection, benefiting the community and the environment.

Procedural Aspects

• Current Status: As of January 15, 2025, the bill has been referred to the Corporations, Authorities and Commissions committee for further consideration.

• Related Legislation: Bill S 2172 is part of a series of related bills from prior sessions, including S 3032, S 1120, S 5550, S 1636, S 7527, S 1909, S 4096, and S 4942. Additionally, there is a companion bill, A 4107, which may provide further context or support for the initiatives outlined in S 2172.

Conclusion

Bill S 2172 represents a strategic effort to bolster small businesses in the energy and environmental technology sectors through targeted financial support. By facilitating the commercialization of innovative technologies, the bill aims to enhance economic growth and promote sustainable practices within the state. The ongoing legislative process will determine the final structure and funding of the proposed grant program.