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HI HB2288
Bill
Status
1/27/2016
Primary Sponsor
Joseph Souki
Click for details
AI Summary
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Establishes annual transfers from state general fund Corporation Income Tax to the Hawaii Strategic Development Corporation Revolving Fund for fiscal years 2016-2021 to support the HI Growth Initiative (specific dollar amount not specified in bill text).
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Directs funding toward entrepreneurial development programs, financing gap solutions, and innovation ecosystem infrastructure to position Hawaii as the innovation center of the Pacific.
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Recognizes Hawaii's innovation sector as 7.3 percent of the economy with above-average worker wages and notes the state ranks 12th nationally in startup growth according to the Kauffman Foundation.
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Supports six startup accelerators (three with national SBA recognition, one ranked 17th nationally), five venture capital funds, and related business development programs already established through prior HI Growth Initiative efforts.
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Takes effect July 1, 2050 (delayed effective date).
Legislative Description
Hawaii Strategic Development Corporation; HI Growth Initiative
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Har, Oshiro excused (2).
2/11/2016