HI HB2470

Establishes the Hawaii Innovations Fund administratively attached to the University of Hawaii to provide grants for research and product development in life sciences and advanced technology fields.

Fund objectives include stimulating economic development, creating high-income jobs in life sciences and advanced technology, and providing incentives for residents to remain in or return to Hawaii.

Creates an 11-member Hawaii Innovations Fund Community Board consisting of 4 ex officio members (including the director of business, economic development, and tourism, and the dean of the John A. Burns School of Medicine), 3 members appointed by the governor, and 2 members each appointed by the governor from lists submitted by the speaker of the house and president of the senate.

Appropriates $100,000,000 from general revenues for fiscal year 2014-2015 to fund the Hawaii Innovations Fund and $50,000 as a grant-in-aid to the Hawaii Science and Technology Council for administrative support.

Fund is set to expire June 30, 2020, with automatic repeal and transfer of any remaining unencumbered balances to the general fund; after July 1, 2015, one-half of one percent of general fund revenues shall be deposited monthly until June 30, 2019.