HI HB2413

Establishes the State Private Investment Fund as an independent entity to invest in venture capital partnerships, with emphasis on Hawaii's high technology and performing arts industries.

Creates a 6-member board of directors including 3 venture capital experts appointed by the Hawaii Strategic Development Corporation board, plus the president of HSDC, chief investment officer of the employees' retirement system, and the fund's executive director.

Authorizes the fund to guarantee loans and equity investments using tax credits as collateral, with guarantees structured to defer state liability and allow private-sector investment management to drive profitability.

Requires fund investments to prioritize venture capital firms that commit to equity investments in Hawaii-based businesses, maintain physical presence in the state, and demonstrate ability to mentor entrepreneurs and facilitate follow-on investments.

Authorizes unspecified amounts of tax credits (including insurance premium tax credits) to be issued and transferred by the fund, with provisions for refundable credits and annual reporting on program costs and benefits to the legislature.