HOUSE OF REPRESENTATIVES

H.B. NO.

2282

TWENTY-SEVENTH LEGISLATURE, 2014

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

RELATING TO HIGH TECHNOLOGY.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


     SECTION 1.  Section 206M-15, Hawaii Revised Statutes, is amended as follows:

     1.  By amending subsection (b) to read as follows:

    "(b)  The development corporation may provide grants to any business in Hawaii that:

     (1)  Receives [a] federal small business innovation research phase I [award or contract] , II, or III awards or contracts from any participating federal agency, up to fifty per cent of the amount of the federal award or contract;

     (2)  Receives a federal small business technology transfer program award or contract from any participating federal agency, up to fifty per cent of the amount of the federal award or contract; or

     (3)  Applies for a small business innovation research federal grant or a small business technology transfer program federal grant, in an amount not to exceed $3,000, subject to the availability of funds."    

     2.  By amending subsection (d) to read as follows:    

     "(d)  If funds appropriated for the purpose of making grants under this section are inadequate to satisfy all qualified requests, the development corporation shall apply for funds to be transferred from the Hawaii capital loan revolving fund to provide the grants in accordance with subsection (b).  The amount of any single transfer of funds shall not exceed [$100,000,] $500,000, and the development corporation shall transfer the entire amount back to the Hawaii capital loan revolving fund within twelve months of receiving the funds.  No more than one fund transfer shall be outstanding at any one time.  The director of business, economic development, and tourism may transfer funds from the Hawaii capital loan revolving fund to the development corporation upon request to carry out the purposes of this section.  Transfers of funds shall be made without any charges or fees."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 3.  This Act, upon its approval, shall take effect on July 1, 2014.

 

INTRODUCED BY:

_____________________________

 

 

BY REQUEST


 


 

Report Title:

High Technology Development Corporation; Small Business Innovation Research Grants; Hawaii Capital Loan Revolving Fund

 

 

Description:

Amends section 206M-15, Hawaii Revised Statutes, to add Phase II or III Small Business Innovation Research grants to qualifying criteria.  Increases the ceiling on transfers from the Hawaii Capital Loan Revolving Fund from $100,000 to $500,000.

 

 

 

 

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