SB995 Summary

• Transfers all rights, powers, functions, and duties of the Hawaii Technology Development Corporation (HTDC) and Hawaii Strategic Development Corporation to the University of Hawaii effective July 1, 2112.

• Requires HTDC grant recipients to reimburse the state if they relocate their principal place of business out of Hawaii within five years of receiving an award.

• Appropriates funding for the University of Hawaii to operate research and development programs, small business innovation research program, manufacturing assistance program, and alternative energy research and development grants previously administered by HTDC.

• Repeals Acts 67 and 141 from 2018 relating to HTDC's alternative energy research program and research and development program.

• Removes HTDC from the Department of Business, Economic Development, and Tourism administrative structure and updates statutory references to reflect the transfer of HTDC functions to the University of Hawaii.