HI SB634

Reestablishes the high technology innovation corporation as a public, not-for-profit organization under section 501(c)(3) of the Internal Revenue Code, attached to the department of business, economic development, and tourism for administrative purposes.

Establishes a 10-member board of directors consisting of heads of state agencies (high technology development corporation, creative industries division, Hawaii strategic development corporation, natural energy laboratory of Hawaii authority, agribusiness development corporation, Hawaii housing finance and development corporation, Hawaii state energy office, and Hawaii state procurement office) plus two private business sector members appointed by the speaker of the house and senate president.

Grants the corporation broad powers to manage assets and resources of the high technology development corporation, plan and implement technology-based programs, secure funding from public and private sources, and promote Hawaii as a commercial high technology location.

Exempts the corporation from state laws governing public employment, state fund management, public fund deposits, civil service, and public procurement codes.

Requires the corporation to submit annual reports to the governor and legislature including audited financial statements, payroll information, and accomplishments; all corporation property vests in the high technology development corporation upon dissolution.