HI SB3000

Establishes a research and development program within the Hawaii technology development corporation to support Hawaii-based small businesses optimizing research and development activities in the state.

Creates a research and development special fund to support product development, technology transfer, commercialization, and grants of up to $300,000 for critical product development.

Defines "Hawaii-based small business" as a company headquartered in Hawaii, doing business in the state for at least five years, and employing fifteen or more residents subject to state income tax.

Provides grants equal to the average of federal research and development tax credits (IRS Form 6765) received by applicants over the prior three tax years.

Appropriates $1,000,000 from general revenues for fiscal year 2018-2019 to be deposited into and expended from the research and development special fund, effective July 1, 2018.