HI HB1534

Establishes an Agriculture Innovation Grant Program within the Department of Business, Economic Development, and Tourism to fund agribusiness incubator programs supporting start-up agricultural businesses.

Grant program focuses on seven areas: feed production, food waste recycling, on-farm energy efficiency, soil health and conservation, food production, food processing, and marketing of food products.

Eligible applicants include institutions of higher education, nonprofit organizations, business entities, and government agencies; applications showing evidence of additional funding already secured receive more favorable consideration.

Creates the Agriculture Innovation Grant Fund to receive legislative appropriations and public/private gifts, grants, or donations; limits administrative costs to no more than 1% of annual appropriations.

Requires the board to adopt rules establishing application procedures, grant award criteria, and success metrics including follow-on funding, revenue earned, job creation, product volume, and business sustainability; mandates annual reporting to the legislature.