SB 1297 Summary

• Establishes state economic goals focused on innovation and technology, including digital economy participation, strengthened trade activities, and climate change mitigation through renewable energy.

• Appropriates funds to the Hawaii Technology Development Corporation (HTDC) for specific projects including accelerator grant programs, trade sector development, small business innovation research, defense sector opportunities, manufacturing assistance, and renewable energy demonstration projects.

• Requires HTDC to submit annual reports to the legislature by 20 days before regular sessions in 2024, 2025, and 2026 detailing project progress, outcomes, effectiveness in achieving state goals, and any recommendations or proposed legislation.

• Re-establishes a three-year Hawaii Office of Naval Research Grant Program providing matching grants (up to 50% of federal award) to resident-owned businesses conducting alternative energy research with Department of Defense Office of Naval Research contracts, with program expiring June 30, 2026.

• Amends HTDC Board of Directors composition to include the Chairperson of the University of Hawaii Board of Regents as an ex officio voting member, who may designate another regent to serve in their place.