HB 604 Summary

• Requires the Department of Business, Economic Development, and Tourism to establish a grant program for hotel employees or employee-owned entities to purchase hotels and convert them into employee-owned cooperatives.

• Grant funds must be matched dollar-for-dollar by hotel employees or employee-owned entities receiving the funds.

• Appropriates general revenue funds for fiscal years 2023-2024 and 2024-2025 to support hotel employee purchases, with unspent funds not lapsing until June 30 of the specified lapse date.

• The department shall adopt rules under Chapter 91 of the Hawaii Revised Statutes to implement the program.

• The program terminates on June 30, 2033, and the Act takes effect on July 1, 2023.