Bill Text: HI HB2556 | 2018 | Regular Session | Amended
Bill Title: Relating To Innovation Business.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2018-04-19 - Received notice of Senate conferees (Sen. Com. No. 801). [HB2556 Detail]
Download: Hawaii-2018-HB2556-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
2556 |
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TWENTY-NINTH LEGISLATURE, 2018 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO INNOVATION BUSINESS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that in order to keep our community vibrant and our economy expanding, Hawaii will need to focus on sectors that will bring new dollars to Hawaii's economy. A research innovation sector that fosters a research environment to fuel innovative ideas and promote entrepreneurship will better position Hawaii for future economic growth and expansion. There is no question that innovation as a result of research and development contributes greatly to economic growth. It is oftentimes the catalyst for change, job creation, and a higher standard of living. Hawaii's research and development industry will bring in new dollars to our State's economy and create a wide range of high-skilled, high-paying jobs for our young people so they may continue to live and work in Hawaii. The research and development sector is vital to Hawaii's future economic growth.
The purpose of this Act is to build on the successes of Hawaii's science and technology industries and establish a research and development program and a research and development special fund with the intention of turning research and development into commercially viable products and services to expand and diversify Hawaii's economy.
SECTION 2. Chapter 206M, Hawaii Revised Statutes, is amended by adding two new sections to be appropriately designated and to read as follows:
"§206M-A Research and development program established. (a) There is established within the development corporation, the research and development program, to help Hawaii-based small businesses collaborate with commercial partners to further refine and optimize research and development performed in Hawaii.
(b) The purpose of the research and development program shall be to:
(1) Develop, implement, and operate the research and development special fund to support product development, technology transfer, and commercialization;
(2) Provide capital to support accelerated commercialization activities for small businesses in the State of Hawaii;
(3) Provide capital to sustain high-potential business infrastructure development to assist the enterprise towards commercial success; and
(4) Provide grants of up to $ for critical product development that enables a Hawaii-based small business to achieve significant product development and technical milestones.
(c) To receive funding, a Hawaii-based small business shall submit proof of the federal research and development tax credits received to the development corporation. Proof of receipt of the federal research and development tax credits received shall be in the form of copies of the small business Federal Form 6765 credit for Increasing Research Activities as filed. The business shall then be eligible to receive an amount equal to the average of the federal tax credit for the past three tax years.
(d) The development corporation may adopt rules
pursuant to chapter 91 necessary to carry out the purposes of this section.
(e) For the purposes of this section, "small
business" means a business employing one-hundred individuals or less.
§206M-B Research and development special fund; established. There is established in the treasury of the State of Hawaii the research and development special fund to be administered by the development corporation for the purposes set out in section 206M-A."
SECTION 3. There is appropriated out of the
general revenues of the State of Hawaii the sum of $
or so much thereof as may be necessary for fiscal year 2018-2019 to be
deposited into the research and development special fund.
SECTION 4. There is appropriated out of the
research and development special fund the sum of $
or so much thereof as may be necessary for fiscal year 2018-2019 for the
purposes set out in section 206M-A, Hawaii Revised Statutes.
The sum appropriated shall be expended by
the Hawaii technology development corporation for the purposes of this Act.
SECTION 5. In codifying the new sections added by section 2 of this Act, the revisor of statutes shall substitute appropriate section numbers for the letters used in designating the new sections in this Act.
SECTION 6. New statutory material is underscored.
SECTION 7. This Act shall take effect on July 1, 2112.
Report Title:
Hawaii Technology Development Corporation; Research and Development Program; Research and Development Special Fund; Appropriation
Description:
Establishes the research and development program in the Hawaii technology development corporation to help Hawaii-based small businesses collaborate with commercial partners to further refine and optimize research and development performed in Hawaii. Establishes the research and development special fund. Appropriates funds for the purposes of the research and development program. (HB2556 HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
