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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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Creates the Hawaii Diversification and Resilience in a Vibrant Economy (HI DRiVE) program and special fund within the Hawaii Technology Development Corporation to support economic diversification and technology commercialization.
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Authorizes grants to Hawaii-based businesses that receive federal Small Business Innovation Research (SBIR) Phase II awards, with grant amounts up to 100% of the federal award for commercialization and manufacturing purposes.
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Requires the governor to apply for $100,000,000 in federal economic diversification assistance to fund the HI DRiVE program and special fund.
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Mandates biennial reporting to the legislature on the number of grants awarded, affected sectors, and projected and actual economic and employment growth from the program.
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Takes effect upon approval.
Legislative Description
Relating To Technology.
Special Fund
Last Action
Carried over to 2022 Regular Session.
12/10/2021