(1) Enacting the state private investment fund, modeled after a similar and highly successful Oklahoma model, to stimulate increased venture capital investment;

(2) Providing tax credits for qualifying research activities, technology infrastructure renovations, and high technology business investments;

(3) Making an appropriation of $20,000,000 for the state private investment fund;

(4) Increasing the amount of the technology infrastructure renovation tax credit from four to ten per cent to take effect on January 1, 2006, for two calendar years; and

(5) Implementing an annual maximum tax credit that can be claimed of $4,000,000 for research activities and sets procedures for the Department of Business, Economic Development, and Tourism to certify qualified high technology businesses verifying qualifying expenditures, credit amounts, and cumulative tax credit amounts.

(1) Changing the total amount of tax credits to be issued by the State that may be transferred by the Hawaii Strategic Development Corporation to transferees to reduce their tax liability from $100,000,000 to an unspecified amount in section    -6(a), Hawaii Revised Statutes, on p. 5, line 7;

(2) Changing the appropriated amount of $20,000,000 in section 2 of the bill to an unspecified amount to facilitate further discussion;

(3) Clarifying that the Hawaii capital formation revolving fund may receive deposits from sources other than just legislative appropriations in section    -10;

(4) Inserting the contents of section 2 of S.B. No. 2866, S.D. 1, 2004 as a new section 6 of this bill and renumbering the remaining sections accordingly. The effect of the new section 6 is to repeal the sunset of the Hawaii Strategic Development Corporation scheduled for July 1, 2004;

(5) Making the new section 6 take effect on June 30, 2004, in order to allow the sunset of the Hawaii Strategic Development Corporation to be repealed; and

(6) Making a number of technical nonsubstantive amendments for the purposes of clarity and style.