DEPARTMENT OF COMMERCE – Amends existing law to authorize the Department of Commerce to use certain tax revenue to fund state institutions of higher education.

This bill authorizes Idaho's Department of Commerce to use certain tax revenue to award grants to state institutions of higher education for projects that promote economic development or tourism. It updates the department's existing powers to include formally awarding these grants and requires the Travel and Convention Industry Council to review and approve grant requests from universities and nonprofit groups. The funding comes from an existing assessment on the travel and convention industry, with 50% of the funds (after administrative costs) directed to local nonprofit organizations and the remaining portion available for state and regional grant programs. The bill also includes technical corrections to the department's duties and establishes an emergency provision for immediate implementation.