Bill Text: HI HB512 | 2024 | Regular Session | Introduced
Bill Title: Relating To Grants For Entrepreneurs.
Spectrum: Slight Partisan Bill (Republican 3-1)
Status: (Introduced) 2023-12-11 - Carried over to 2024 Regular Session. [HB512 Detail]
Download: Hawaii-2024-HB512-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
512 |
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THIRTY-SECOND LEGISLATURE, 2023 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO GRANTS FOR ENTREPRENEURS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that small businesses make up approximately ninety-nine per cent of all businesses in Hawaii. Small businesses are defined by the United States Small Business Administration as having five hundred or fewer employees. The business climate in Hawaii shows the extent to which the local economy is dependent upon businesses that are not large corporations.
The legislature further finds that Hawaii is one of the hardest states in which to both start a business and conduct business. This fact has been verified and widely reported by multiple sources and continues to hold true. The coronavirus disease 2019 (COVID-19) pandemic, war in Ukraine, supply chain crisis, and economic downturn have only intensified this unfortunate reality.
The legislature also finds that the rising minimum wage will have a negative impact on many small businesses' ability to hire employees. At a time when both the local and national economies are in a fragile state, local small businesses need both support and the opportunity to foster creativity.
Accordingly, the purpose of this Act is to help support the small business community by establishing an entrepreneurship grant program within the department of business, economic development, and tourism.
SECTION 2. Chapter 201, Hawaii Revised Statutes, is amended by adding a new section to part I to be appropriately designated and to read as follows:
"§201- Entrepreneurship grants. (a) The department shall award an
entrepreneurship grant in an amount up to $50,000 to businesses that:
(1) Are organized
or incorporated and operating in the United States;
(2) Meet the United
States Small Business Administration's small business size standards;
(3) Certify that
the business is not barred from receiving federal funds;
(4) Are registered
and in good standing with the business registration division of the department
of commerce and consumer affairs; and
(5) Have a current
general excise tax license with the department of taxation;
provided that the director of business, economic
development, and tourism shall have the final authority to determine whether each
applicant satisfies the qualifications to be awarded a grant under this
section.
(b) The amount awarded for each grant under this
section shall be determined based on the availability of funds and the amount
requested."
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 2023-2024 and the same sum or so much thereof as may be necessary for fiscal year 2024-2025 to fund entrepreneurship grants awarded pursuant to section 201- , Hawaii Revised Statutes.
The sums appropriated shall be expended by the department of business, economic development, and tourism for the purposes of this Act.
SECTION 4. New statutory material is underscored.
SECTION 5. This Act shall take effect on July 1, 2023.
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INTRODUCED
BY: |
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Report Title:
DBEDT; Grants; Entrepreneurs; Appropriations
Description:
Establishes an entrepreneurship grant program within the Department of Business, Economic Development, and Tourism to assist entrepreneurs with new businesses.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
