HI HB1042

Redefines "small business" as a for-profit entity domiciled in Hawaii that is independently owned and operated and employs fewer than 100 full-time or part-time employees in Hawaii.

Expands the Small Business Regulatory Review Board's authority to submit statements, suggested changes, or withdrawal recommendations when proposed rules have significant economic impact on small businesses.

Increases board membership from nine to eleven members, with the new positions including two members nominated by the board itself.

Requires state agencies to submit reports by June 30 of odd-numbered years describing the public purpose and justification for rules affecting small business, and by June 30 of each year to list rules being amended or repealed.

Requires the board to submit evaluation reports to the legislature in even-numbered years assessing whether public interest outweighs rules' effects on small business and proposing legislative solutions if needed.