THE SENATE	S.B. NO.	995
THIRTIETH LEGISLATURE, 2019		S.D. 2
STATE OF HAWAII

A BILL FOR AN ACT

 

 

RELATING TO THE HAWAII TECHNOLOGY DEVELOPMENT CORPORATION.

 

 

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

 

     SECTION 1.  Section 206M-15, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:

     "(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[.]; and

     (4)  Require businesses receiving a grant pursuant to subsection (b) to reimburse the general fund of the State for the amount of the grant in the event that the company relocates its principal place of business out of the State within five years of receiving an award.

The development corporation may adopt any other rules pursuant to chapter 91 necessary for the purposes of this section."

     SECTION 2.  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 2019-2020 to be deposited into the research and development special fund established pursuant to section 206M-15.3, Hawaii Revised Statutes.

     SECTION 3.  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 2019-2020 for the purposes of the research and development program established pursuant to 206M-15.2, Hawaii Revised Statutes.

     The sum appropriated shall be expended by the Hawaii technology development corporation for the purposes of this Act.

     SECTION 4.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 5.  This Act shall take effect on July 1, 2050.

 

Report Title:

HTDC; Research and Development; Appropriation

 

Description:

Requires the Hawaii Technology Development Corporation to adopt rules to require businesses that receive a technology research and development grant award to return the award if the business relocates its principal place of business within 5 years of receiving the grant.  Makes an appropriation into and out of the research and development special fund for HTDC's research and development program.  Effective 7/1/2050.  (SD2)

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.