HI HB2556

Establishes the research and development program within the Hawaii technology development corporation to help Hawaii-based small businesses optimize research and development performed in Hawaii

Creates the research and development special fund to be administered by the development corporation and used to support product development, technology transfer, and commercialization activities

Eligible Hawaii-based small businesses must be headquartered in the state, have operated in Hawaii for at least five years, and employ at least one Hawaii resident subject to state income tax

Provides funding based on federal research and development tax credits received, with eligible businesses receiving an amount equal to the average of their federal tax credits from the past three years

Appropriates unspecified amounts from general revenues for the special fund and from the special fund for program operations in fiscal year 2018-2019, with funds to be expended by the Hawaii technology development corporation