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HI SB1420
Bill
Status
1/27/2021
Primary Sponsor
Bennette Misalucha
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AI Summary
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Establishes the Hawaii Diversification and Resilience in a Vibrant Economy (HI DRiVE) program and special fund administered by the Hawaii technology development corporation to support economic diversification.
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Requires the development corporation to provide grants up to 100 percent of federal Small Business Innovation Research (SBIR) Phase II awards to Hawaii-based businesses for commercialization and manufacturing purposes.
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Mandates the governor to apply for $100,000,000 in federal economic diversification assistance to fund the HI DRiVE program special fund.
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Requires the development corporation to submit biennial reports to the legislature detailing the number of grants provided, sectors supported, and projected versus actual economic and employment growth results.
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Takes effect upon approval.
Legislative Description
Relating To Technology.
Special Fund
Last Action
The committee on WAM deferred the measure.
3/2/2021