HI HB466

Establishes a grant program within the Department of Business, Economic Development, and Tourism to assist persons who use albizia trees to create usable commercial products or are developing new methods to use albizia wood for commercial products.

Requires grant recipients to primarily use albizia wood in their products, manufacture and assemble products within Hawaii, and hold a certificate of vendor compliance with Hawaii Compliance Express; eligible applicants include corporations, LLCs, partnerships, sole proprietorships, non-profits, and cooperatives.

Directs the Department of Business, Economic Development, and Tourism to study economically feasible ways businesses may use albizia trees to produce commercial products, including housing, in consultation with the University of Hawaii College of Tropical Agriculture and Human Resources and School of Architecture.

Requires the department to submit a report of study findings and recommendations, including proposed legislation, to the legislature no later than twenty days prior to the 2024 regular session.

Appropriates funds for fiscal year 2023-2024 for the grant program, with the law taking effect July 1, 2023.