HI SB1003

Expands the Hawaii small business innovation research program to include phase II and phase III federal small business innovation research awards, in addition to the existing phase I awards.

Authorizes the high technology development corporation to provide grants to Hawaii businesses receiving phase II or phase III awards or contracts from participating federal agencies, up to 50 percent of the federal award amount.

Maintains existing grant eligibility for federal small business technology transfer program awards and applications for small business innovation research federal grants (up to $3,000).

Removes previous provisions allowing the development corporation to transfer funds from the Hawaii capital loan revolving fund when appropriated grants are inadequate.

Takes effect July 1, 2050.