TWENTY-EIGHTH LEGISLATURE, 2015
STATE OF HAWAII
A BILL FOR AN ACT
RELATING TO TECHNOLOGY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that the Hawaii small business innovation research program has been instrumental in ensuring that Hawaii businesses win coveted federal research and development funding through the federal small business innovation research program. This program has also assisted Hawaii businesses in efforts to further develop their intellectual property.
The legislature further finds that although the program is successful, the limitation of the current Hawaii small business innovation research program to only phase I awards means local businesses are limited from being able to fully commercialize and translate their research into economic gains and job opportunities.
The purpose of this Act is to expand the Hawaii small business innovation research program by authorizing the high technology development corporation to provide grants to Hawaii businesses that are recipients of phase II or phase III, rather than only phase I, awards or contracts from participating federal agencies.
SECTION 2. Section 206M-15, Hawaii Revised Statutes, is amended to read as follows:
"§206M-15 High technology research and development loans and grants. (a) All moneys necessary to carry out the purposes of this section shall be allocated by the legislature through appropriations out of the state general fund. The development corporation shall include in its budgetary request for the upcoming fiscal period, the amounts necessary to effectuate the purposes of this section. All moneys, interest charges, and other fees collected by the development corporation under this section shall be deposited to the credit of the state general fund. In making any expenditure under this section, the development corporation shall analyze each funding request to determine whether the project to be undertaken will be economically viable and beneficial to the State.
(b) The development corporation may provide grants to any business in Hawaii that:
(1) Receives a federal small business innovation
research phase I, II, or III award or contract from any participating
federal agency, up to [
fifty] 50 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] 50 per cent of the amount of the federal award 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.
(c) The development corporation shall adopt rules pursuant to chapter 91 that:
(1) Specify the qualifications for eligibility of grant applicants;
(2) Establish priorities in determining eligibility in the event that insufficient funds are available to fund otherwise qualified applicants; and
(3) Give preference to all qualified businesses receiving their first award in one fiscal year over multiple award grantees.
The development corporation may adopt any other rules pursuant to chapter 91 necessary for the purposes of this section.
(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, 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 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2050.
Hawaii Small Business Innovation Research Program; Small Business
Expands the current Hawaii small business innovation research program by providing matching funds for phase II and phase III awards in the interest of diversifying and stimulating Hawaii's economy. Effective 7/1/2050. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.