Bill Text: HI HB2470 | 2014 | Regular Session | Introduced
Bill Title: Hawaii Innovations Fund; Establishment; Appropriations ($)
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Introduced - Dead) 2014-01-31 - The committee(s) on EDB recommend(s) that the measure be deferred. [HB2470 Detail]
Download: Hawaii-2014-HB2470-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2470 |
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TWENTY-SEVENTH LEGISLATURE, 2014 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to economic development.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. This Act shall be known as The Hawaii Innovations Fund Act.
SECTION 2. Chapter 304A, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§304A- The Hawaii innovations fund. (a) There shall be established in the state treasury a fund to be known as the Hawaii innovations fund that shall be administratively attached to the University of Hawaii.
(b) The objective of the Hawaii innovations fund shall be to:
(1) Stimulate economic development in life sciences and advanced technology using the resources of the University of Hawaii, including the John A. Burns School of Medicine;
(2) Create high-quality, high-income job opportunities in the life sciences and advanced technology fields, including jobs for graduates of post-college programs; and
(3) Provide incentives for residents to stay and work in Hawaii and encourage former residents to return to Hawaii.
To accomplish these objectives, which are deemed to be public purposes, moneys in the Hawaii innovations fund shall be used to fund grants to individuals or businesses that conduct research or product development in the life sciences or advanced technology fields.
(c) From July 1, 2014, through June 30, 2015, the Hawaii innovations fund shall be funded by appropriations from the legislature. After June 30, 2015, one-half of one per cent of general fund revenues collected shall be deposited into the Hawaii innovations fund on a monthly basis; provided that after June 30, 2019, no funding shall be provided to the Hawaii innovations fund.
(d) The Hawaii innovations fund shall be administered by the Hawaii innovations fund community board consisting of eleven voting members as follows:
(1) Four ex officio members as follows:
(A) The director of business, economic development, and tourism;
(B) The dean of the University of Hawaii John A. Burns school of medicine;
(C) The president of the Hawaii science and technology council; and
(D) The president and chief executive officer of Enterprise Honolulu;
(2) Three members appointed by the governor;
(3) Two members appointed by the governor from a list of nominees submitted by the speaker of the house of representatives; and
(4) Two members appointed by the governor from a list of nominees submitted by the president of the senate.
Each member appointed shall possess national reputations as experts in the field of life sciences or advanced technology.
The board shall elect a chairperson from among its members. Six members shall constitute a quorum, whose affirmative vote shall be necessary for all valid actions by the board. Members shall serve without compensation, but shall be reimbursed for expenses, including travel expenses, necessary for the performance of their duties.
(e) The Hawaii innovations fund community board shall:
(1) Establish procedures and policies for grant applications;
(2) Develop standards and criteria to determine grant awardees, with priority assigned to grant applicants that:
(A) Provide matching funding;
(B) Reside or are based in Hawaii;
(C) Provide high-paying jobs for residents or former residents of Hawaii;
(D) Provide significant return on investment from grant awards; or
(E) Use grant awards as seed money to obtain additional research funding for projects in the life sciences or advanced technology fields based in Hawaii;
(3) Select grant awardees;
(4) Set criteria and standards for evaluation of projects receiving grants; and
(5) Provide technical support services to grant awardees that foster marketing and development of the product or service produced through the grant.
(f) For the purpose of this section:
"Advanced technology" means digital media, telecommunications, and related fields.
"Life sciences" means biology, cancer research, community healthcare, ocean sciences, agriculture, pharmacology, biotechnology, medical technology, biological renewable energy, or related fields."
SECTION 3. There is appropriated out of the general revenues of the State of Hawaii the sum of $100,000,000 or so much thereof as may be necessary for fiscal year 2014-2015 to be deposited into the Hawaii innovations fund.
SECTION 4. There is appropriated out of the Hawaii innovations fund the sum of $100,000,000 or so much thereof as may be necessary for fiscal year 2014-2015 to be used for the purposes of this Act.
The sum appropriated shall be expended by the University of Hawaii for the purposes of this Act.
SECTION 5. There is appropriated out of the general fund revenues of the State of Hawaii the sum of $50,000 or so much thereof as may be necessary for fiscal year 2014-2015 as a grant-in-aid to the Hawaii science and technology council to provide administrative support for the Hawaii innovations fund.
The sum appropriated shall be expended by the University of Hawaii for the purposes of this Act.
SECTION 6. New statutory material is underscored.
SECTION 7. This Act shall take effect upon its approval; provided that:
(1) Sections 3, 4, and 5 shall take effect on July 1, 2014; and
(2) This Act shall be repealed on June 30, 2020, and all unencumbered and unexpended balances remaining in the Hawaii innovations fund shall be transferred to the credit of the general fund.
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INTRODUCED BY: |
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Report Title:
Hawaii Innovations Fund; Establishment; Appropriations
Description:
Establishes the Hawaii innovations fund to provide grants to individuals or businesses that conduct research or product development in the life sciences or advanced technology fields; establishes objectives of the fund; establishes the Hawaii innovations fund community board; appropriates funds for the start-up and administration of the fund.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
