HI HB604

Directs the Department of Business, Economic Development, and Tourism to establish a program providing grants to hotel employees or employee-owned entities to purchase hotels and convert them into employee-owned cooperatives.

Requires grant recipients to provide matching funds on a dollar-for-dollar basis with state grant money.

Appropriates funds for fiscal years 2023-2024 and 2024-2025 for the grant program, with appropriated moneys not lapsing at fiscal year end but lapses on June 30, 2033.

Directs the department to adopt rules under Chapter 91, Hawaii Revised Statutes, to implement the program.

Program terminates on June 30, 2033, and takes effect on July 1, 2023.