HI HB466

Establishes a grant program within the Department of Business, Economic Development, and Tourism to assist persons creating usable commercial products from albizia trees or developing new ways to use albizia wood.

Requires grant applicants to primarily use albizia wood, be registered Hawaii vendors, and conduct manufacturing and assembly within the State; eligible entities include corporations, LLCs, partnerships, sole proprietorships, nonprofits, and cooperatives.

Directs DBEDT to study economically feasible ways businesses can use albizia trees to produce commercial products including housing, in consultation with University of Hawaii College of Tropical Agriculture and Human Resources and School of Architecture.

Requires DBEDT to submit a report of study findings and recommendations to the legislature no later than twenty days before the 2024 regular session convening.

Appropriates unspecified general revenue funds for fiscal year 2023-2024 to implement the grant program; takes effect July 1, 2023.