HI HB1042

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

Expands the Small Business Regulatory Review Board's powers to submit statements on proposed rules' economic impact and recommend changes or withdrawal of rules affecting small businesses.

Increases board membership from nine to eleven members, adding two positions filled by nominees submitted by the board itself.

Requires state agencies to submit annual reports to the board describing public purposes for rules affecting small business and any new, amended, or repealed statutes impacting small business.

Directs 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 any legislative changes.