HI SB3168

Establishes the Hawaii Technology Development Corporation (HTDC) Revolving Fund to provide state matching funds required for federal grants supporting innovation, technology, research, and manufacturing initiatives.

Addresses the timing mismatch between federal grant announcements and state budget cycles, as federal grants often require state matching contributions ranging from 1:1 to 1:5 ratios.

Funds may only be allocated after HTDC formally receives a federal grant award requiring a state match; if no qualifying federal award is received, no allocation is made.

Revolving fund will consist of legislative appropriations, federal funds received, repayments from prior grant activities, and interest earned, with moneys not lapsing at fiscal year end.

Requires HTDC to submit annual reports to the legislature detailing fund balance, federal grant applications and awards, state matching funds used, and economic impact outcomes of federally matched projects.